One analyst upgraded Snowflake’s stock to buy from hold. He likes Snowflake’s fast growth profile off a large base, as he expects the company to log more than $1.2 billion in revenue for its current fiscal year.
Snowflake Inc. has won a flurry of praise recently from analysts who see the selloff in software stocks as an opportunity for investors to buy into companies with strong stories.
“Quality matters during periods of volatility and market stress, which means investors should focus on companies that are leaders in their respective categories, have few meaningful competitors, have margin expansion stories in place and have strong balance sheets,” he wrote. That mindset brings him to Snowflake.
Schappel admits that Snowflake’s stock “still isn’t ‘cheap.'” The pullback in software names has helped drive Snowflake shares down 32% from their 52-week intraday high of $405 achieved late last year.
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