Jefferies lowered the firm’s price target on Snowflake to $160 from $210 and keeps a Buy rating on the shares. Snowflake is in a transition year with a product cycle and a new CEO and while the valuation has come down, it remains the “6th most expensive” company in software, the analyst tells investors. The firm believes the long-term fundamentals remain intact, but in the near-term there are a few items to watch as Snowflake “races to catch up in AI,” including a potentially “underwhelming” AI impact in FY25 and looming pricing pressure from Iceberg, the analyst added.
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