Snowflake draws bullish calls from Wall Street, though some analysts say stock is fully valued

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  • At least 19 investment banks initiated coverage of Snowflake on Monday, with price targets ranging from $214 to $350.
  • The stock rose 2.5% to close at $243.97.
  • Analysts agree that Amazon, Microsoft and Google are Snowflake’s top competitors, but they have differing views on how much of a threat those companies pose.



Frank Slootman wearing a suit and tie: Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020.


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Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020.

Less than a month after Snowflake debuted on the stock market with the biggest software IPO in history, Wall Street analysts are rushing to make predictions on the cloud database company, which is already valued at over $67 billion.

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At least 19 analysts initiated coverage of Snowflake on Monday following the post-IPO quiet period, according to reports collected by CNBC.

Among the nine buy ratings, the most bullish prediction came from Truist, which gave Snowflake a price target of $350, or 47% above Friday’s close.

Another nine analysts started coverage with the equivalent of a hold rating. Only Atlantic Equities recommends selling the shares, with a price target of $214.

Snowflake climbed 2.5% to $243.97 on Monday, a mostly strong day for tech stocks. The company, which sells cloud-based software to help companies store, process and visualize vast amounts of data, closed its IPO on Sept. 18, raising $4.2 billion. The stock more than doubled in its first day of trading but has been flat since, meaning only investors who got in at the IPO price have made much money so far.



a close up of a sign: Snowflake since IPO


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Snowflake since IPO

Bulls to bears

The predominant opinion is that Snowflake has plenty of business momentum as companies move from traditional on-premises databases into the cloud. Revenue increased more than 130% in the first half of the year

But some analysts are concerned that the

As election draws closer, the NBA continues calls to vote

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Los Angeles Lakers' LeBron James (23) reacts after no foul was called against the Miami Heat during the second half in Game 3 of basketball's NBA Finals, Sunday, Oct. 4, 2020, in Lake Buena Vista, Fla.

Los Angeles Lakers’ LeBron James (23) reacts after no foul was called against the Miami Heat during the second half in Game 3 of basketball’s NBA Finals, Sunday, Oct. 4, 2020, in Lake Buena Vista, Fla.

AP

Udonis Haslem is honest about it: Elections simply have not been overly important to him.

That is, until now.

He’s been a registered voter since 2004, so it’s not like he’s been unaware of the process or how it works. But it’s also been far from a passion project for Haslem, the Miami Heat forward who serves as a team captain and tries to set an example for every other player in the locker room. So, this year, that meant getting involved in the election process.

“Growing up in my household, voting was never a conversation,” Haslem said. “Voting was never a conversation when I went to school. It definitely wasn’t a conversation when I was hanging out with my homeboys. There was just never a conversation. So, for me to be able to be a leader in this league and to be able to be a leader on my team, I had to educate myself.”

This is why Haslem and Los Angeles Lakers star LeBron James, players on different sides of this year’s NBA Finals, are teammates once again — just as they were in Miami from 2010 through 2014. Haslem is one of more than 50 Black athletes and entertainers who are lending their celebrity and influence to the “More Than A Vote” campaign, a group headlined by James and formed not long after the deaths of George Floyd and Breonna Taylor were part of what reignited the quest to eliminate racial inequality and police brutality in this country.

The group’s primary mission right

Coinbase head draws scorn and praise for anti employee activism post

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  • Coinbase CEO Brian Armstrong wrote in a blog post over the weekend that corporate activism was a “distraction” from his company’s mission of increasing global access to cryptocurrencies like Bitcoin.
  • Mentioning charged topics like the police killing of Breonna Taylor and the upcoming presidential election, Armstrong implied that employees who wanted their company to be focused on social issues should find work elsewhere.
  • Some in the startup and venture capital world were outraged, pointing out that Armstrong tweeted “Black Lives Matter” in June.
  • Others cheered Armstrong, like investor Paul Graham.
  • Visit Business Insider’s homepage for more stories.

The CEO of cryptocurrency broker Coinbase Brian Armstrong stirred outrage and praise from Silicon Valley over the weekend by coming out with a hard line against employee activism at work in a Medium post Sunday.

Mentioning hot-button issues like the police shooting of Breonna Taylor and the upcoming U.S. election, Armstrong said he wanted Coinbase to be “laser focused on achieving its mission.” Coinbase facilitates financial transactions in cryptocurrencies like Bitcoin and Ethereum, with an aim of spreading access to them across the globe. Armstrong characterized anything else besides that core mission as “a distraction.”

“We’ve seen what internal strife at companies like Google and Facebook can do to productivity,” Armstrong wrote, “and there are many smaller companies who have had their own challenges here. I believe most employees don’t want to work in these divisive environments.”

Armstrong strongly implied that Coinbase employees unhappy with his anti-activism stance would be better off not working there.

“But for some employees, working at an activism focused company may be core to what they want, and we want to prompt that conversation with their manager to help them get to a better place. Life is too short to work somewhere that you aren’t excited about, and