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Morgan Stanley raised its price target for Snowflake to $470 from $170, maintaining an "Overweight" rating.
Morgan Stanley analyst Sanjit Singh raised the price target for cloud data company Snowflake (SNOW) from $300 to $470, while maintaining an "Overweight" rating. This move is based on Snowflake's strong Q2 FY2024 results, with product revenue growing 37% year-over-year to $1.49 billion, exceeding both company guidance and Wall Street expectations, marking the third consecutive quarter of accelerated growth. The company also raised its full-year product revenue outlook for FY2027 to $6.07 billion.
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