Analysts Are Increasing Price Targets of These 5 Stocks

In this article, we discuss the 5 stocks receiving price-target hike from analysts. If you want to see more such stocks on the list, go directly to Analysts Are Increasing Price Targets of These 10 Stocks.

05. Snowflake Inc. (NYSE:SNOW)

Upside Potential: 16%

Jefferies, a financial services company, increased its price target on Snowflake Inc. (NYSE:SNOW) from $180 to $205 on June 30. Alongside this upward revision, Jefferies maintains a Buy rating on the shares. This adjustment in the price target reflects a more positive outlook on Snowflake Inc. (NYSE:SNOW) potential performance. Jefferies spent four days at Snowflake Inc. (NYSE:SNOW) user conference in Las Vegas, which likely provided valuable insights and information about the company’s growth prospects and market position. This first-hand experience likely influenced Jefferies’ decision to raise the price target.

Ithaka US Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its first quarter 2023 investor letter:

“Snowflake Inc. (NYSE:SNOW) is a dominant player in the Data Warehousing market, offering customers the ability to break down data silos and derive value from rapidly growing data sets through Snowflake’s analytical database product, the Data Cloud. The company’s base business is benefitting from a number of secular tailwinds, the three most prevalent being: 1) data-driven decision making, 2) cloud adoption, and 3) the exponential growth of corporate data. The company’s visionary management team, headed by industry veteran Frank Slootman, plans to capture its fair share of this growth through: 1) executing on its land and expand model, 2) acquiring new customers, 3) growing internationally, and 4) expanding its nascent partner network. The stock’s negative contribution in the quarter was due to the timing of Ithaka’s purchase (mid-February) and its small portfolio weighting (100bps).”