Snowflake price target lowered to $150 from $180 at Stifel

Stifel analyst Brad Reback lowered the firm’s price target on Snowflake to $150 from $180 and keeps a Hold rating on the shares after the company reported fiscal Q3 results that exceeded expectations, though with a revenue beat that was less than the upside seen in Q2. Management provided "very solid" preliminary FY24 revenue growth expectations of about 47%, while calling for continued operating margin expansion and a 23% free cash flow margin, noted Reback.