Morgan Stanley upgraded two IT stocks today—Morgan Stanley analyst Keith Weiss upgraded Snowflake Inc. to Overweight from Equal Weight with a price target of $390, up from $344 (30.5 percent upside). Weiss highlights that working to the Rule of 80 with Snowflake executing ahead of plan, the recent pullback creates an attractive opportunity and upgrades to OW. Weiss notes that leveraging the public cloud’s elasticity, scalability, and performance, Snowflake’s cloud data platform enables its customers to eliminate data silos while reducing overhead, complexity, and infrastructure management costs, thereby allowing them to focus on driving sharing insights from their data. Keith believes this value proposition resonates even better with customers than anticipated when Snowflake IPO’d 16 months ago. Keith believes that the catalyst path going forward includes more durable growth, more TAM Expansion, and a faster path to meaningful FCF that should drive upside. The company’s core data warehousing business is outperforming, and its “new nascent” …