Wolfe Research has upgraded Snowflake Inc. to Outperform from Peer Perform, setting a new price target at $235. The upgrade comes nearly two years after the firm had downgraded Snowflake due to deteriorating consumption trends, increasing competition, and slowing product momentum. The analyst noted that consumption trends are now stabilizing and competition from hyperscalers is more favorable. Snowflake shares rose 2.61% in premarket trading following the upgrade. Wolfe Research expressed optimism about Snowflake's upcoming fourth-quarter earnings report scheduled for February 26, expecting solid results.