Snowflake price target lowered to $170 from $180 at Raymond James

Raymond James lowered the firm’s price target on Snowflake to $170 from $180 and keeps an Outperform rating on the shares. Snowflake’s Q2 results beat expectations, with a largely in-line Q3 and FY24 outlook vs. the Street, the analyst tells investors in a research note. The firm sees incremental opportunities from the growing demand for AI and machine learning workloads, which Snowpark directly addresses as a source of upside to FY25, but quantification remains a challenge.