Snowflake upgraded to Buy from Hold at Jefferies

Jefferies analyst Brent Thill upgraded Snowflake to Buy from Hold with a price target of $200, up from $125. The analyst cites the “meaningful multiple compression” over the past few months in the shares as well as the company’s continued execution on its platform expansion story for the upgrade. Investors should stick with Snowflake over the long-term given its large end markets as it has “plenty of room to double its value while growing into a reasonable multiple,” Thill tells investors in a research note. The company’s fundamentals “remain rock solid and the execution has been near flawless over many consecutive quarters,” writes Thill.

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