Why Snowflake Stock Surged Today
Shares of Snowflake (NYSE: SNOW) popped 12.4% on Thursday, following positive analyst commentary.
JPMorgan Chase analyst Mark Murphy lifted his rating on Snowflake's stock from neutral to overweight. He sees the data-warehousing leader's shares climbing another 15% from their closing price on Thursday.
Murphy's upgrade comes after JPMorgan Chase's annual survey of chief investment officers. Almost two-thirds of Snowflake's existing clients said they planned to spend more on their cloud services in 2022. That was the highest among all the software companies JPMorgan Chase surveyed.
Source Fool.com
