Snowflake Stock Has 16% Upside, According to 1 Wall Street Analyst

Spending on cloud services is expected to pick up in 2024.A weak revenue outlook in Snowflake's (SNOW 4.17%) last business update sent the stock price sharply lower. The share prices are down 20% year to date, but analysts at KeyBanc see a buying opportunity.KeyBanc initiated coverage of the stock with an overweight (buy) rating and a $185 price target, which are usually projections for where the stock might trade in the next 12 months or so. The new price target represents a 16% upside from Thursday's clos ...