It's time to jump in and buy Snowflake after the cloud computing company's 59% drop this year, according to Rosenblatt Securities. Analyst Blair Abernethy upgraded shares of Snowflake to buy from neutral, saying ahead of the company's quarterly earnings report this week that the stock is cheap at current valuations — even after the analyst trimmed its price target. "[Due] to the recent significant decline in the stock price for Snowflake, we are upgrading our rating on SNOW to a Buy (was Neutral) as our revised target price reflects an 84% return from current levels," Abernethy said in a Monday note. Rosenblatt Securities lowered its 12-month target price on Snowflake to $255 from $325, citing rising interest rates and ongoing concerns from the Russia-Ukraine conflict. However, the new target is still roughly 84% from Monday's closing price. Snowflake will post first-quarter earnings report that is either in-line or exceed expectations, Abernethy said. The analyst believes the company is benefitting from robust tech spending, and noted that Snowflake has a "healthy" net revenue retention rate at 160%. "Given the ongoing enterprise Digital Transformation momentum, strong Q1 growth reported by the leading Cloud Service Providers (CSP's), and Snowflake's healthy +160% Net Revenue Retention (NRR) rate, we expect Snowflake to meet or marginally exceed our Q1 Product Revenue growth estimate of 81% y-o-y," Abernathy wrote. Shares of Snowflake ticked lower in Tuesday premarket trading. —CNBC's Michael Bloom contributed to this report.