Snowflake price target lowered to $200 from $218 at Piper Sandler

Piper Sandler analyst Brent Bracelin lowered the firm’s price target on Snowflake to $200 from $218 and keeps an Overweight rating on the shares. Recessionary headwinds pressured revenue performance obligation growth to moderate to 68% in Q3 as demand fundamentals softened across smaller businesses, Bracelin tells investors in a research note. The analyst says consumption trends were noticeably weak during the October month. However, after the fiscal 2024 model reset, the analyst is a buyer on the post-earnings selloff.