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Goldman says Snowflake will bounce back, upgrades software stock to buy

A banner for Snowflake is displayed on its IPO day at the New York Stock Exchange on September 16, 2020. It was the largest software IPO in history and was one of eight CNBC 2020 Disruptor 50 companies to go public, and more Disruptor deals are coming soon.

Brendan McDermid | Reuters

The recent pullback for Snowflake hasn’t changed the long-term bull case for the company and has made the stock too attractive to pass up, Goldman Sachs said on Friday.

The software stock has declined more than 50% since its peak in early December, dramatically underperforming even its own struggling sector.

Analyst Kash Rangan upgraded the stock to buy from neutral, saying the world was still in the “relatively early innings” of the shift to the cloud, giving Snowflake significant upside.

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