Benzinga | Sep 30, 2021 07:45AM EDT

BTIG Upgrades Snowflake - Read Why

* BTIG analyst Gray Powell upgraded Snowflake Inc (NYSE:SNOW) to Buy from Neutral with a $353 price target, implying a 20.12% upside, after conducting several field checks over the last few weeks.

* Powell spoke with four large enterprise customers and an industry analyst firm on spending trends with Snowflake and the broader competitive environment.

* Following the checks, Powell believes Snowflake is "sitting in front of a huge opportunity in a rapidly growing data analytics software market."

* Even established enterprise customers that currently spend over $1 million annually with Snowflake continue to see significant growth potential in their usage over the next few years.

* Additionally, Powell thinks the company has "multiple competitive advantages" against its large cloud infrastructure service provider competitors.

* Price Action: SNOW shares traded higher by 2.64% at $301.56 in the premarket session on the last check Thursday.