Benzinga - by Anusuya Lahiri, Benzinga Editor.
Citi analyst Tyler Radke positively favored the data warehouse industry and Snowflake Inc (NYSE: SNOW).
The analyst recently attended several industry events in the cloud data management sphere, including SNOW's Data Cloud World Tour (Bay Area), Snow Day product launch (virtual), and the Databricks NYC Summit.
Radke's takeaways on the industry remain positive, with SI partner commentary indicating improved new project trends, boosted by large Hadoop migrations that are beginning to pick up.
For Snowflake, while optimizations undoubtedly continue and were a big focus at the conference, the analyst heard from multiple partners and customers signs that they have primarily hit peak levels.
Competitively, Radke continues to hear more evidence of co-existence in larger accounts.
While Databricks appears to have a head start in many of the next-gen use cases around building GenAI models and apps, Radke heard increasing optimism from Snowflake customers and partners ahead of GA launches, including Snowpark container services, native app, search, and even Unistore – which are in private preview.
Price Action: SNOW shares traded higher by 3.22% at $167.06 on the last check Monday.
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Latest Ratings for SNOW
| Mar 2022 | Cowen & Co. | Maintains | Outperform | |
| Mar 2022 | Rosenblatt | Maintains | Neutral | |
| Mar 2022 | Jefferies | Maintains | Hold |
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