On Wednesday, Monness, Crespi, Hardt upgraded Snowflake Inc . (NYSE: NYSE:) shares from Neutral to Buy, setting a new price target of $140.00. The firm noted Snowflake’s significant decline in stock value year-to-date in 2024 and from its peak in late 2020, which has made the valuation more appealing. Snowflake is expected to report its third-quarter fiscal year 2025 results on November 20, with a conference call scheduled for 5:00 p.m. ET.

The upgrade comes after a challenging year for Snowflake, during which its stock fell by 41% year-to-date in 2024 and 73% from its high in late 2020. Monness, Crespi, Hardt sees the current valuation as an opportunity, particularly in light of Snowflake’s increased pace of innovation throughout the…