Snowflake rises after Morgan Stanley starts with "overweight" on AI focus
Brokerage Morgan Stanley assumes coverage on cloud firm Snowflake SNOW.N with an "overweight" rating and a $262 PT
PT implies a 23% upside to the stock's last close
Shares of SNOW rise 2.1% to $218.25 premarket on Tues
Brokerage says under new CEO Sridhar Ramaswamy, SNOW has become a faster innovator and better executor, stabilizing its core business and accelerating growth
Brokerage believes the company is positioned for long-term growth from rising AI demand and expanding into data engineering, with product revenue expected to grow over 20% per year through 2030
Recent product launches in data engineering and AI/ML are gaining traction, and customer growth remains strong, setting up future revenue acceleration- brokerage
"Snowflake has found its identity and has settled on a strategy on how it will successfully capitalize on the $300+ billion market opportunity" - Morgan Stanley
As of last close, SNOW stock up 38.4% YTD
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