Snowflake and Western Digital were both upgraded at Rosenblatt Securities
Analysts are busy today issuing their notes before the week’s end. The tech sector is no exception, with Snowflake Inc (NYSE:SNOW) and Western Digital Corp (NYSE:WDC) both making moves higher after Rosenblatt Securities doled out upgrades to the stocks.
Cloud stock Snowflake is 2.1% higher to trade at $154.47, after getting bumped to “buy” from “neutral.” The analyst cited strong interest in the platform from consumers, as well as the expanding ecosystem surrounding the firm.
SNOW is trading well below its roughly two-year highs from February. The equity is on pace for a 4.8% weekly loss — its sixth drop in the last eight weeks — and remains down 22.7% in 2024.
Computer hardware stock Western Digital, meanwhile, is 0.9% higher to trade at $71.21 this morning, after also getting bumped to “buy” from “neutral.” The analyst noted rising prices for a key type of memory chip should help WDC move higher.
Western Digital stock is an outperforming equity, up 36.5% year to date thanks to a surge in interest regarding artificial intelligence (AI) chips. Looking further back, WDC boasts a 103.3% year-over-year lead, and yesterday touched more than two-year high of $74.86.