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