Bank of America Securities Reiterates a Buy on Snowflake Inc. (SNOW)

Snowflake Inc. (NYSE:SNOW) is one of the Best Software Stocks to Buy According to Wall Street Analysts. On January 30, Koji Ikeda from Bank of America Securities reiterated a Buy rating on the stock and lowered the price target from $310 to $275. Earlier, on January 27, Sanjit Singh from Morgan Stanley reiterated a Buy rating on Snowflake Inc. (NYSE:SNOW) with a $299 price target.

​Analysts at BofA noted that they continue to see Snowflake Inc. (NYSE:SNOW) as one of the top infrastructure software stocks. The decline in price target reflects a newer valuation model that encompasses an updated growth outlook, risks, and peer review.

​On the other hand, Singh from Morgan Stanley noted that the company has faced stock price weakness and concerns regarding its ability to post an earnings beat in Q4. He highlighted that despite these concerns, the company is moving towards one of the strongest sequential Q4 growth in years. Singh also finds management’s guidance to be prudent as it includes all the headwinds.

​Snowflake Inc. (NYSE:SNOW) is an American cloud-based data storage company that provides a platform for data analysis and simultaneous access to large datasets with low latency. The platform is based on AWS, Microsoft Azure, and Google Cloud Platform.

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Disclosure: None. This article is originally published at Insider Monkey.