Wedbush Backs Snowflake After Q3 Print, Suggests Buying The Dip

• Wedbush noted that Snowflake’s key metrics, including product revenue and remaining performance obligations (RPO), showed notable strength.
• The firm indicated it would consider purchasing shares if prices experience any weakness.

Snowflake Inc. (SNOW) received backing from Wedbush Securities, which said the company reported strong third-quarter results, exceeding analyst expectations on both revenue and earnings, highlighting continued demand for its data cloud offerings. 

Despite the solid performance, the firm stated that high Street expectations may overshadow strong guidance.

Key Metrics

Wedbush noted that Snowflake’s key metrics, including product revenue and remaining performance obligations (RPO), showed notable strength. The firm continues to maintain an ‘Outperform’ rating on Snowflake with a $270 price target. 

The firm indicated it would consider purchasing shares if prices weaken, suggesting confidence in Snowflake’s long-term outlook. Snowflake’s stock traded over 8% lower in Thursday’s premarket. 

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