Snowflake Inc’s SNOW cloud-native data platform supports multiple use cases, with data driving digital transformation efforts of organizations, according to Needham.
The Snowflake Analyst: Mike Cikos initiated coverage of Snowflake with a Buy rating and a price target of $240.
The Snowflake Thesis: The company addressed a growing opportunity and management estimated a target addressable market of $248 billion by 2026, Cikos said in the initiation note.
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“The data-driven hunt for innovation and customer prioritization of Digital Transformation are only in the early stages, as we see it … We see Snowflake as competing in a large, nascent market with a jump on competitors,” the analyst wrote.
“If the first innovation of Cloud was migrating previous applications, we see Snowflake as driving the second-order derivative: unlocking demand by utilizing Cloud in previously impossible ways On-Prem,” Cikos added.
“Also, Snowflake is moving into Unstructured Data, as evidenced by its pending acquisition of Applica,” the analyst further stated.
SNOW Price Action: Shares of Snowflake had declined by 4.82% to $186.92 at the time of publication Friday.
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