Snowflake price target lowered to $165 from $240 at Needham

Needham analyst Mike Cikos lowered the firm’s price target on Snowflake to $165 from $240 but keeps a Buy rating on the shares. The company’s Q3 results reflected strong growth, with product revenue growing 67% y/y and upside flowing through to operating profit and free cash flow, the analyst tells investors in a research note. The company’s Q4 guidance "confused investors" however in calling out the deteriorating trends over the most recent 6-week period, Cikos adds.