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Snowflake surges to ‘elite territory’ in J.P. Morgan’s annual chief data officer survey.
Dreamstime
Shares of
Snowflake
had been spiking Thursday after the inventory acquired an improve to Chubby at J.P. Morgan.
Analyst Mark Murphy raised his score for
Snowflake
(ticker:
SNOW
) to Chubby from Impartial and maintained a $165 worth goal.
Murphy’s improve was primarily based on the outcomes of J.P. Morgan’s annual chief data officer survey, during which the corporate surged to “elite territory.”
The survey polled 142 CIOs that management greater than $100 billion of IT spending. Snowflake ranked No. 1 in put in base spending intentions, beating out
MSFT
), Alphabet-owned
Google
(
GOOGL
) Cloud Platform, and
CRWD
). Snowflake additionally ranked No. 1 amongst rising corporations whose imaginative and prescient most impressed respondents, Murphy wrote.
“Snowflake enjoys excellent standing among customers as evident in our customer interviews,” Murphy wrote in a analysis observe.
As well as, Murphy is assured that Snowflake is reaching “an inflection point” by way of producing free money stream, and is benefitting from secular tailwinds and traits.
“The pent-up demand for its solutions has allowed Snowflake to exhibit a very rare level of growth at scale with best-in-class growth-plus-margin profile,” he wrote. “We expect Snowflake to continue to grow revenue at a rapid scale.”
Murphy’s improve got here a few weeks after the analyst lowered his worth goal to $165 from $200 following Snowflake’s investor day. On the time, he stated it was onerous to see the inventory outperforming considerably within the close to future.
Snowflake now has 25 Purchase scores, seven Maintain scores, and one Promote, in keeping with analysts surveyed by FactSet. The inventory was rising 5.6% to $134.45 on Thursday.
Write to Sabrina Escobar at [email protected]
