Snowflake builds as it erases year of losses after Q3 earnings

seekingalpha11-21

loops7 Snowflake (NYSE:SNOW) shares spiked more than 20% during early trading Thursday, as the cloud data storage and analytics company could erase a year of declines if the gains hold until the final...

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Positive third quarter fiscal 2025 results and outlook, as well as announcing an acquisition and a new partnership with a rising AI startup, transformed a Snowflake into a blizzard-like rally. Analysts said let it snow, as Piper Sandler reiterated its Overweight rating on the stock and propelled its price target to $185 from $165. \"The $48M beat to the Q3 product revenue midpoint guide (vs. prior 6-quarter average beat of $24M) underscored a solid quarter of execution, driven by broad-based strength,\" said Piper Sandler analysts, led by Brent Bracelin, in a note. \"The new product cycle gives us confidence in SNOW's ability to sustain 20%+ product revenue growth next year,\" he added. J.P. Morgan upped its price target to $185 from $175 with an Overweight rating.  Bank of America Securities also increased its price target on the stock to $185 from $160. \"We are encouraged that consumption and Iceberg headwinds appear to be easing,\" said BofA analysts Brad Sills and Carly Liu. \"Also, Q3 results suggest that new products such as Snowpark and Cortex are gaining early traction. However, we reiterate our Neutral rating, pending signs of sustained stabilization.\" Citi Research set a target price of $183 as revenue from artificial intelligence is starting to accumulate and will materialize further in the year ahead. \"Ramp in AI customers has gone from 0 to 3200 since last year, which is really quick, but revenue contribution is still small with customers still trying to figure out how to leverage,\" said Citi analysts, led by Tyler Radke, in a note. \"(Management) doesn't expect AI contribution to be material to revenue next year, AI products here would include Cortex, Document AI, Container Services,\" Radke added. Barclays increased its price target to $172 from $142 and maintained its Equal weight rating. \"Snowflake delivered its strongest quarter-over-quarter product revenue add, $71M, since 2Q23, and raised its full-year product revenue guide by more than the Q3 beat,\" said Barclays analysts, led by Raimo Lenschow. Meanwhile, Morgan Stanley set the highest price target among the investment banks at $190 from $175, while maintaining an Equal-weight rating. \"However, we need to see evidence SNOW maintains a leadership position in this new Intelligence Cloud world before getting more fundamentally positive,\" said Morgan Stanley analysts, led by Keith Weiss, in a note. Bernstein Societe Generale Group had the lowest price target among firms, as it increased theirs to $154 from $130 with a Market-Perform rating. \"Over all, we think this quarter provided a much-needed respite for Snowflake and some clarity into near-term growth expectations,\" said Bernstein's Mark Moerdler. \"However, we still think longer-term growth drivers are not well articulated or understood. Investors need more than one quarter of core business stabilization and growth of newer initiatives to understand the long-term trajectory of the business.\"  Most Snowflake competitor shares moved higher early on Thursday. Oracle (NYSE:ORCL) ticked up 1% while MongoDB (NASDAQ:MDB) climbed 7%. Major cloud data providers, such as AWS (AMZN) and Microsoft Azure (MSFT) inched up less than 1%, while Google Cloud (GOOG)(GOOGL) slid less than 1%.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485449240"}