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Why Snowflake Stock Rallied on Thursday

TheMotleyFool

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Why Snowflake Stock Rallied on Thursday: https://g.foolcdn.com/editorial/images/766496/two-colleagues-working-together-in-a-server-room.jpg

Shares of Snowflake (NYSE: SNOW) traded higher on Thursday, jumping as much as 5.3%. By the time the market closed, the stock was still up 4.4%.

The catalyst that sent the cloud stock higher was bullish commentary from a couple of Wall Street analysts.

First out of the gate on Thursday were analysts at Bank of America ahead of Snowflake's fiscal 2024 fourth-quarter results, which are scheduled to be released on Feb. 28. BofA maintained a neutral (hold) rating on the stock but raised its price target to $265, up from $240, according to The Fly. This suggests potential upside for investors of 23% compared to Wednesday's closing price.

Source Fool.com

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