Citizens JMP Lifts Snowflake (SNOW) Price Target, Keeps Outperform Rating

Snowflake Inc. (NYSE:SNOW) is one of the 11 Best Revenue Growth Stocks to Buy Now. On July 18, Citizens JMP increased the price target for Snowflake Inc. (NYSE:SNOW) from $245 to $260 while maintaining an Outperform.

The analyst told investors in a research note that private company checks by Citizens JMP showed that Snowflake Inc.’s (NYSE:SNOW) performance improved from the first quarter to the second quarter.

Citizens JMP Lifts Snowflake (SNOW) Price Target, Keeps Outperform Rating

A software engineer at work, surrounded by a wall of computer monitors connected to a ‘Data Cloud’ platform.

Citizens JMP asked 13 customers about their future spending plans over the next 12-18 months. Out of these, 12 said they expect to increase their spending.

With the new price target of $260 for Snowflake Inc. (NYSE:SNOW), Citizens JMP implies a calendar year 2026 estimated enterprise value to revenue multiple of 16.3 times, which is higher than the previous estimate of 15.3 times.

The firm noted that this valuation represents a significant premium to the company’s peer group. According to Citizens JMP, this premium is justified because Snowflake Inc. (NYSE:SNOW) has a large total addressable market and a strong leadership team.

Snowflake Inc. (NYSE:SNOW) is an American cloud-based data platform company. It offers an AI Data Cloud platform, which enables thousands of organizations to build, use, and share data, applications, and AI.

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