Snowflake price target lowered to $180 from $185 at Baird

Baird analyst William Power lowered the firm’s price target on Snowflake to $180 from $185 and keeps an Outperform rating on the shares. The analyst said they reported solid Q4 results, including upside to revenue, margins and free cash flow. However, Q1 and 2024 guidance was mixed, with product revenue growth lowered from 47% to 40% and while Snowflake isn’t immune to ongoing cloud optimization impacts, we believe it remains well positioned long-term.