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Snowflake Rallies After Morgan Stanley Upgrades to Overweight -Breaking

by Mike Robinson

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Sam Boughedda

Investing.com — Snowflake Inc. (NYSE:), the cloud computing-based data warehousing company, saw its shares rally over 8% Monday after Morgan Stanley analyst Keith Weiss upgraded the stock from Equal-weight to Overweight.

Investors are misvaluing Snowflake’s durability and quality growth, according to the analyst.

He stated that there are many opportunities to expand the company’s total market addressable in data integration and intelligence markets.

Weiss wasn’t the only analyst to provide bullish commentary about Snowflake shares over the past few weeks. Loop Capital and William Blair upgraded the stock in January’s second half.

Loop Capital’s Mark Schappel wrote in a research paper that the fall in stocks of software is not related to the fundamentals. He suggested that this could mean the end of the industry. Kamil Mielczarek, William Blair’s research analyst, cited the company’s higher than anticipated growth in 2021 as well as the recent pullback in share prices to justify the upgrade.

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