RBC Capital analyst Matthew Hedberg lowered the firm’s price target on Snowflake to $183 from $226 but keeps an Outperform rating on the shares. The firm cites peer multiple compression in reducing its price target on the stock while noting that the company’s Investor Day presentation saw Snowflake focused on a rapid pace of innovation in areas such as AI, aided in part by their new CEO, the analyst tells investors in a research note. Tje key to Snowflake’s success will be gaining share in a competitive yet rapidly growing GenAI market, RBC stated.
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