Snowflake price target lowered to $140 from $175 at UBS

UBS analyst Karl Keirstead lowered the firm’s price target on Snowflake to $140 from $175 and keeps a Neutral rating on the shares. The weakening IT spend backdrop caught up with Snowflake, resulting in a "skinnier-than-expected" beat and a modest downtick in Q4 guidance, with the initial FY24 revenue growth outlook guide of 47% also coming close to his "Street-low" estimate of 45%, the analyst tells investors in a research note. Keirstead adds that he does not believe that the FY24 outlook is "fully de-risked".