Snowflake price target lowered to $180 from $197 at Raymond James

Raymond James analyst Simon Leopold lowered the firm’s price target on Snowflake to $180 from $197 and keeps an Outperform rating on the shares. Despite the revised guidance driven by macro headwinds, the stock’s pullback over the last several months implies that investors had anticipated slowing consumption, Leopold says in a research note. He believes Snowflake’s modest share, strong competitive position, and secular tailwinds from cloud adoption provide a compelling fundamental growth story in a normalized environment.