HSBC downgraded Snowflake to Hold from Buy with a price target of $214, up from $212. The analyst cites valuation for the downgrade following the stock’s recent rally. Snowflake’s margins may remain under pressure in the near term due to new product launches, but the company should see significant margin improvement over time, the analyst tells investors in a research note. HSBC believes the stock no longer offers an attractive risk/reward trade off.
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