New IPO Stock Snowflake Surges On Analyst Upgrades

Access To Financial Markets Made Easy • Dec 4, 2020 at 4:50 AM EST

On its debut on the New York Stock Exchange in September, Snowflake soared more than 111%. Yesterday, its share price jumped nearly 15% after it reported better than expected third-quarter sales.

On its debut on the New York Stock Exchange in September, Snowflake (SNOW) soared more than 111%. Yesterday, its share price jumped nearly 15% after it reported better than expected third-quarter sales. While earnings per share recorded a wider loss than expected it still prompted a string of analysts to upgrade the price targets.

New IPO stock Snowflake surges on analyst upgrades!

For example, Morgan Stanley raised its 12-month price target to $265 from $220. Snowflake is a company which provides networked database solutions and develops cloud computing and data storage services. Some of its shareholders include Warren Buffett, via his Berkshire Hathaway (BRK-A) investment vehicle, and Salesforce (CRM).

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