Snowflake reported better-than-expected second-quarter fiscal results, with Morgan Stanley and Bank of America raising their price targets to $470, implying nearly 54% upside from Wednesday’s close. Adjusted earnings came in at 62 cents per share versus the 45 cents analysts had forecast, while revenue surged 35% year over year to $1.55 billion, beating the $1.5 billion consensus estimate. The stock jumped 24% in premarket trading following the report, and 46 of the 52 analysts covering the stock now have a buy or strong buy rating.
Source: Read the original article
