Snowflake (SNOW) – Get Report Monday received positive recommendations from analysts at Deutsche Bank and Piper Sandler, who are impressed with the cloud service company’s growth prospects.
Snowflake shares recently traded at $245.51, up 3.15%, but have slipped 4% since the company’s initial public offering in September.
Deutsche Bank analyst Patrick Colville initiated coverage with a buy rating and a $305 price target.
“Data is the coal of the digital economy,” he wrote in a commentary. Production of the commodity “spurned the Industrial Revolution,” he said.
Now, “we find that capturing and analyzing data is becoming paramount to business success in the 21st century,” Colville said. “We see a world where the use of data is democratizing, many more roles and functions are becoming data consumers. … Our estimates call for data warehouse (analytical processing) spending to grow to $45.2bn in 2024, a 13% CAGR from 2019.”