4 big analyst cuts: Snowflake downgraded twice on guidance miss

By Davit Kirakosyan

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades for Snowflake, MongoDB , Digital Turbine, and Annexon.

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Snowflake downgraded at two firms after Q1 earnings

Snowflake (NYSE:) was downgraded at two Wall Street firms after reporting its , resulting in a share price drop of more than 16% yesterday, as InvestingPro reported in real-time. While Q1 results came in better than expected, the company’s outlook disappointed investors.

Rosenblatt downgraded the company to Neutral from Buy and cut its price target to $170.00 from $188.00, noting that storage headwinds slow the growth outlook.

In addition to the ongoing deal scrutiny and cloud optimization, older clients are re-evaluating data retention policies. As a result, these clients are reducing their storage requirements, which affects Snowflake’s storage revenue and compute activity.

Meanwhile, Wolfe Research downgraded the company to Peerperform from Outperform.

MongoDB downgraded ahead of Q1 earnings

MongoDB (NASDAQ:) shares fell more than 3% pre-market today after Guggenheim downgraded the company to Sell from Neutral while raising its price target to $210.00 from $205.00.

The company is set to report its Q1/24 earnings on June 1. Street estimates stand at $0.18 for EPS and $347.67 million for revenues.

2 more downgrades

Roth/MKM downgraded Digital Turbine (NASDAQ:) to Neutral from Buy and cut its price target to $10.00 from $15.00 on growth concerns and profit erosion.

Shares plummeted more than 42% yesterday after the company a Q4 EPS miss and provided its Q1/24 guidance, which came in worse than the Street estimates.

BofA Securities downgraded Annexon (NASDAQ:) to Neutral from Buy and cut its price target to $3.00 from $8.00.

Shares plunged more than 59% yesterday after the company mixed topline results from its ARCHER Phase 2 trial of ANX007 in patients with geographic atrophy (GA).

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