Citi analysts lifted the Snowflake (NYSE:SNOW) price target to $191 from $189, maintaining a Buy rating on the stock in a note Monday.
The analysts told investors that the firm is cautiously optimistic heading into SNOW’s Q2 results and that we have seen the last guidance cut from optimization headwinds.
"Our partner inputs from SNOW’s June conference indicated sales cycle elongation persisted (but not worsened) with positive commentary on 2H pipelines," the analysts wrote.
"We see medium/long-term tailwinds from expansion into adjacent workloads (Snowpark + GenAI), given SNOW’s entrenched data platform position which is reinforced by positive customer/ partner inputs," they added.
Citi maintained its bullish rating on the data cloud company "especially with the stock relatively flat since they reported" and the fact it believes the company's "estimates have likely bottomed."