Wedbush analyst Daniel Ives upgrades $Snowflake (SNOW.US)$ to a buy rating.
According to TipRanks data, the analyst has a success rate of 54.5% and a total average return of 5.1% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Snowflake (SNOW.US)$'s main analysts recently are as follows:
The term 'redemption quarter' has been aptly applied to Snowflake following its recent 'robust' sales outperformance, alongside accelerating bookings, increased currency from new products, and stable recurring revenue. The management's assertive and optimistic commentary was supported by further expansion in new products and use cases involving artificial intelligence and data engineering, which sufficiently countered the challenges posed by Iceberg tables and customary optimization and storage headwinds.
The firm indicates that the company is "getting back on track."
It has been observed that Snowflake's better Q3 results indicate that the previous headwinds impacting product revenue and consumption are diminishing. Notably, the product revenue reaching $900M significantly surpassed expectations, which were set at $852M.
Note:
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