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Investing.com - Oppenheimer has maintained its Outperform rating and $295.00 price target on Snowflake Inc. (NYSE:SNOW), citing encouraging third-quarter checks that suggest another strong quarter for the data cloud company. Currently trading at $244.95 with a market cap of $82.88 billion, InvestingPro analysis indicates Snowflake is trading above its Fair Value, reflecting investor optimism ahead of its December 3 earnings report.
The investment firm’s research indicates broad-based consumption across regions and verticals, despite growing competitive pressures from Databricks. While total revenue year-over-year growth isn’t expected to accelerate due to tough second-quarter comparisons, Oppenheimer believes growth could approach 29-30%, potentially exceeding the consensus estimate of 25.6%. This aligns with Snowflake’s recent performance, as InvestingPro data shows the company achieved 28.37% revenue growth over the last twelve months.
Checks revealed strong product attachment rates, continued momentum for new offerings like Snowpark and Cortex, incremental gains in AI and ML workloads, and increasing C-level engagement and large-deal activity. These factors could help sustain Snowflake’s net revenue retention at 125% while supporting healthy consumption trends into the fourth quarter.
Oppenheimer views the current Street expectations for product growth of 25.6% year-over-year and operating margin of 9.3% as beatable targets, as they align with Snowflake’s guidance of 25-26% growth and 9% margin.
The firm reiterated Snowflake as a top pick, suggesting the company remains well-positioned despite competitive headwinds in the data cloud market.
In other recent news, Snowflake Inc . announced a new integration with NVIDIA, enhancing its AI Data Cloud platform with NVIDIA’s CUDA-X libraries. This integration aims to significantly speed up machine learning workflows by allowing data scientists to leverage GPU-accelerated algorithms without modifying their code. Additionally, Snowflake has made its enterprise intelligence agent, Snowflake Intelligence, available to over 12,000 organizations globally, with more than 1,000 customers already utilizing over 15,000 AI agents.
In terms of financial outlook, Citizens raised its price target for Snowflake to $325, maintaining a Market Outperform rating, following optimistic revenue projections shared by the company’s Chief Revenue Officer. Snowflake also reaffirmed its revenue guidance for the third quarter and fiscal year 2026 after unauthorized statements were made by an executive in an interview. The company clarified that these statements should not be relied upon as the executive was not authorized to disclose financial information. These developments highlight Snowflake’s ongoing efforts to enhance its technological offerings and maintain transparency with investors.
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