Snowflake price target lowered to $175 from $230 at DA Davidson

DA Davidson lowered the firm’s price target on Snowflake to $175 from $230 and keeps a Buy rating on the shares. The company reported solid Q2 numbers, beating expectations on both the top- and bottom-line, the analyst tells investors in a research note. The firm says that despite concern from investors, management reiterated that after multiple investigations, Snowflake was not breached during either customer hacks that occurred during the quarter, and aren’t seeing any effects on renewal conversations and sales cycle. The target cut reflects a multiple more in-line with similar growth peers, notes DA.