Snowflake can increase TAM size based on new use-cases from Generative AI - Needham & Company
Investing.com | Author Sam Boughedda
Published Jun 21, 2023 10:08AM ET
Snowflake (SNOW) can increase TAM size based on new use-cases from Generative AI - Needham & Company
Needham & Company analysts raised the firm's price target on Snowflake (NYSE:SNOW) to $218 from $180, maintaining a Buy rating in a note.
SNOW shares started Wednesday's session positively, climbing to a high of $183.60. However, it has since retraced to around $179.25, up 0.09% on the day.
Previewing Snowflake's Summit user-event next week, analysts said there is "potential for the company to increase the size of its TAM from $248 Billion in CY26 - based on platform positioning and the unlock of new use-cases from Generative AI."
"We expect Snowflake to highlight the Data Cloud's governance and security capabilities, as well as the company's message of 'bringing work to the data,'" they said.
Analysts added that they also "expect a reiteration of $10 Billion in Product Revenue with an improved margin profile - consistent with CFO Mike Scarpelli's recent comments," while they believe the company's governance and security capabilities will feature prominently in the generative AI roadmap.
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