Investing
Snowflake gets 2nd downgrade after earnings as Wolfe cuts to Neutral
© Reuters. Snowflake (SNOW) gets 2nd downgrade after earnings as Wolfe cuts to Neutral
Wolfe Research analysts downgraded Snowflake (NYSE:) shares to Market Perform from Outperform and removed a $160 per share price target.
The analysts made a move after another downward guidance revision from Snowflake earlier this week. The guide down “leaves us with less conviction in near and long term growth and growing competition from MSFT & Databricks creating incremental execution headwinds,” they said in a client note.
Analysts are also concerned about elevated valuation as shares trade at “~15x CY24 EV/Sales (an ~84% premium to the HWG comp group).”
The SNOW stock was cut yesterday at Rosenblatt as analysts moved to Neutral from Buy.
“Snowflake has seen slower growth and sales productivity since Easter. Besides ongoing deal scrutiny and cloud optimization, older customers are re-evaluating data retention policies. This has resulted in customers reducing storage requirements (say from 5yrs to 3yrs), which impacts Snowflake’s storage revenue and compute activity,” they wrote in a note.
Snowflake shares are down half a percent in pre-open Friday.
Read the full article here
-
Side Hustles6 days ago
San Francisco Pizzeria Found Success With Unique Menu
-
Side Hustles4 days ago
United Airlines Adding Starlink, Free WiFi to All Flights
-
Passive Income5 days ago
Correct Your Spelling Errors on PDFs With This All-in-One PDF Tool
-
Passive Income3 days ago
Reduce Your Business Expenses With This $30 Microsoft Office Alternative
-
Side Hustles5 days ago
There’s a Burnout Crisis in American Workplaces — and This Is the Solution
-
Side Hustles6 days ago
Who Are the Billionaires Backing Trump or Harris?
-
Personal Finance4 days ago
Inflation hits 2.5% in August, keeping the Fed on track to lower interest rates
-
Investing6 days ago
Top EU privacy regulator opens probe into Google’s AI compliance By Reuters