By Sam Boughedda
Investing.com -- Snowflake Inc (NYSE:SNOW), a cloud computer-based data storage company, traded flat on Thursday after Atlantic Equities analyst Peter Sazel started coverage with a neutral rating.
The analyst also set a price target for the stock of $240, stating that the firm "believes Snowflake has one of the strongest competitive positions out there, it benefits from a unique value proposition, dominant market share and a long runway for growth."
However, Sazel added in his note to investors that they "believe this is adequately reflected in the stock price" and they "would not be buyers at current levels."
The stock has underperformed against the Nasdaq 100 by 29%, suggesting long-term growth in the stock, wrote Sazel. Nevertheless, the forecasts are currently above estimates and "it does not suggest upside from the current share price."
Snowflake stock has had a difficult year, falling 31% in 2022.