Snowflake price target lowered to $130 from $185 at Bernstein

Bernstein lowered the firm’s price target on Snowflake to $130 from $185 and keeps a Market Perform rating on the shares. The company last night delivered a smaller than normal beat and guided weaker than the Street expected, the analyst tells investors in a research note. However, the firm says the real issue is the “disconnect” between the strength in remaining performance obligation and net revenue retention versus the guidance. In addition, the overall company and its artificial intelligence strategies are “still difficult to decipher and new products are still too small to have a major impact on revenue next year,” contends Bernstein. It believes there continues to be a lack of clarity around what to expect from Snowflake.