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AI Stock analyst commentary - Snowflake Inc. (NYSE: SNOW)

 

May 23, 2024 (Investorideas.com Newswire) Investorideas.com AI stock news commentary for (NYSE: SNOW) from TradingBiz- Winter is far off, but it might just be the right time for Snowflake Inc., one of the leading players in the Enterprise AI space. Trading.biz analyst Rahul Nambiampurath recently identified this gem, trading at $163.34, and marked it capable of going past $200 in the short-to-mid-term.

"Snowflake has gained traction due to several key developments, including its Large Language model for AI business," mentions Rahul.

Rahul adds that one of Snowflake's key competitors, Amazon, offering Amazon Web Services, is up over 22% year-to-date, making the popularity of the cloud computing and data warehousing space all the more evident.

Diving Into the Q1 2024 Results

One of the key reasons for Snowflake (SNOW) to appear on Rahul's radar is the robust Q1 result. Here are the top points that deserve attention:

  • Year-on-year revenue growth of 48%
  • Quarter-on-quarter product revenue surge of over 50%
  • Product revenue, trailing 12-month, higher than $1 million
  • Revenue retention percentage of 131%, amid the growing competition

Snowflake even released a moderately aggressive Q2 2024 picture via the following guidance numbers:

  • Operating income to grow up to 3% of the total revenue
  • Product revenue stands at a maximum level of $750 million, which was $590.1 million in Q1.

All these fundamental numbers add to the optimism surrounding SNOW.

Technical Analysis of SNOW: Fundamentals Meet Charts

Despite the gap-down formation in late February 2024, led by disappointing Q4 2023 numbers, the daily SNOW chart looks poised for redemption. While the prices are still trading in a range, the RSI is on a growth spree, indicating a strong bullish divergence.

Snowflake (SNOW) price chart: TradingView

Rahul believes that if SNOW crosses above $165.67, with decent volume, it might have the legs to go as high as $191.28 in virtually no time due to the lack of strong resistance levels. Post that, $202 could be the new level to breach.

Stefan Slowinski, an analyst at Exane BNP Paribas, further validates Rahul's analysis. Stefan has a "Buy" rating for SNOW with a target of $200.

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