Snowflake shares rise on Rosenblatt upgrade to "buy"

** Shares in Snowflake SNOW are up 1.4% in premarket trade at $153.49 after Rosenblatt Securities upgrades the global data cloud firm to "buy" from "neutral", saying customer interest in the platform remains elevated

** Rosenblatt Securities implied its SNOW PT to $185

** It foresees FY product revenue growth of 22% in 2025 as achievable and potentially conservative for Snowflake, with an upside potential in H1 from new product contributions and increasing traction with the company

** "With revenue growth slowdown and CEO transition, we are mindful of a potential risk of increased sales force attrition, but we have not seen any indications of this occurring so far," it adds

** The broker sees customer interest in the Snowflake platform and the expanding ecosystem around the company remains healthy, even if the revenue growth is expected to be slower this year

** Snowflake shares lost 23.9% YTD