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Benzinga

Business

Anusuya Lahiri

Wolfe Sees Snowflake As 4th Hyperscaler After Amazon AWS, Microsoft Azure, and Google Cloud

SNOW (Organization) Snowflake Nasdaq Alphabet Inc Amazon Web Services Microsoft Corp NYSE Wolfe Research

Wolfe Research analyst Alex Zukin initiated coverage of Snowflake (NYSE:SNOW) with an Outperform rating and a $250 price target.
The price target implies a 33.8% upside.
Zukin saw the potential for Snowflake "to become the 4th hyperscaler" after Amazon.com Inc (NASDAQ:AMZN), Amazon Web Services, Microsoft Corp's (NASDAQ:MSFT) Azure, and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google's Cloud.
Zukin saw Snowflake growing faster than AWS at the same size and scale with the best management team in software.
Zukin saw Snowflake already trading at "Black Friday prices" despite the holiday season being months away. Zukin saw Snowflake rally more than 40% from here.
Snowflake also caused multiple venture capitalists to fund companies built natively on its platform.
Price Action: SNOW shares traded higher by 7.90% at $187.53 on the last check Monday.

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