An analyst at Rosenblatt upgraded Snowflake (NYSE:) from Neutral to Buy on Friday, saying they expect widespread consumer interest in the company’s platform and its growing ecosystem to “remain very healthy.”
“Given the stock’s weak post-Q4 results and implied 22% return to our 12-month $185 price target, we are taking this opportunity to upgrade Snowflake to Buy,” the analysts said.
Rosenblatt’s bullish adjustment comes after the research and investment banking firm attended a client event in Toronto, where Snowflake showcased several new product innovations, which it expects to officially launch and become billable by end of the year, and many of which are expected to be revealed at the event. the Data Cloud Summit scheduled from 3 to 6 June.
Among other things, the presentations highlighted the use of the Snowflake platform and Snowpark’s machine learning (ML) code development and deployment capabilities, with the goal of assisting customers in rapidly designing and launching new applications based on artificial intelligence.
“We carefully watch Snowpark’s traction with customers (it’s still early days) as we see this as an important way for Snowflake to increase long-term customer loyalty levels,” the analysts said.