Snowflake climbs after BofA turns bullish ahead of earnings
** Snowflake's SNOW.N shares up 2.5% premarket to $197.50 after BofA Global Research upgrades cloud firm to 'buy' from 'neutral'
** Brokerage hikes PT by $20 to $240, implying ~25% upside to stock's last close
** BofA says it believes Q2 earnings, due in a week, will be a catalyst for the stock, adding it expects SNOW will outperform over the long term given traction with products
addressing a significantly larger artificial intelligence market for software of $155 bln
** Positive cloud views data support thesis that SNOW is at an inflection point for improving demand trends, BofA says
** Brokerage says it conducted an inaugural survey of co's customers with results showing spend acceleration supported by momentum across AI and data storage offerings
** Avg rating among 51 analysts covering SNOW is "buy" and median PT is $235, up from $205 on May 20, per LSEG data
** Through Tues close, stock up 25% YTD
** Bozeman, Montana-based SNOW slated to report results on Weds, Aug 27, after markets close
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