Snowflake price target lowered to $171 from $180 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on Snowflake to $171 from $180 and keeps an Overweight rating on the shares. The company’s Q4 print should result in estimate revisions and the shares will likely suffer in the short-term, the analyst tells investors in a research note. Commentary of softening bookings conversion towards the end of January and slower ramp times for its younger customer cohort shows Snowflake is not immune to the headwinds called out by hyperscalers, says the firm.