A banner for Snowflake is displayed on its IPO day at the New York Stock Exchange on September 16, 2020.
Brendan McDermid | Reuters
The recent pullback for Snowflake hasn't changed the long-term bull case for the software company and has made the stock too attractive to pass up, Goldman Sachs said Friday.
The 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.
