Why Snowflake Stock Popped Today
Shares of Snowflake (NYSE: SNOW) jumped 7.6% on Monday, following bullish analyst remarks.
Wolfe Research analyst Alex Zukin placed an outperform rating on Snowflake's stock. He sees the data warehousing leader's share price climbing roughly 34% to $250, fueled by the shift from legacy data systems to cloud-based services.
"The business world is experiencing a data tsunami, with data available from a variety of sources," Zukin said. Snowflake helps companies make better use of that data with lower upfront costs and the ability to scale their operations quickly. And with its cloud-native design, Snowflake's tools integrate well with other cloud services.
Source Fool.com
