KeyBanc Reiterates Overweight on Snowflake (SNOW) With $250 Price Target After Quarterly Survey

Snowflake Inc. (NYSE:SNOW) is one of the Trending AI Stocks on Wall Street. On August 20, KeyBanc analyst Eric Heath reiterated an Overweight rating and $250.00 price target on the stock.

The rating affirmation follows Keybanc’s quarterly Snowflake survey of 15 customers and partners for an updated view on spend intentions, product traction, Iceberg adoption, GenAI interest, and competitive dynamics.

The results of the survey have been steady with several positive developments.

“Overall, we view results as steady with our prior survey. We came away incrementally positive on: 1) on-prem data warehouse migration activity a bigger contributor of spend NT, while also having meaningful runway LT; 2) Data engineering as adoption of Dynamic Tables and Snowpark are strong and/or improving; and 3) increasing GenAI production use cases and supportive commentary of data gravity providing Snowflake a strategic advantage for GenAI.”

A financial analyst giving a presentation to a group of investors about annuity insurance.

There were also several points that the firm was incrementally negative on. However, it remains positive on the stock overall due to factors such as steady survey results, expanding customer adoption/interest in emerging platform capabilities, accelerating hyperscaler growth, and a steady competitive environment.”

Snowflake Inc. (NYSE:SNOW) is a cloud-based data storage company providing a data analysis, storage, and sharing platform.

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