Why Snowflake Stock Was Up Today
Shares of enterprise-data company Snowflake (NYSE: SNOW) were up on Tuesday after MoffettNathanson analyst Sterling Auty recommended buying the stock. As of 12:52 p.m. ET, Snowflake was only up 1.1%, but it had been up almost 6% earlier in the session. However, if Auty is correct, Snowflake stock has a lot of gains to come.
On Tuesday morning, Auty released a note recommended buying Snowflake stock, according to The Fly. But what was truly eye-catching was the $242 per share price target he put on it -- more than 40% higher than where shares traded as of this writing.
MoffettNathanson isn't the biggest research firm out there. But it did initiate coverage of Snowflake, which could potentially introduce the cloud computing company to new investors. For this reason, it's possible that Auty's note had a slightly bigger impact Tuesday than one might otherwise expect.
Source Fool.com
