Piper Sandler analyst Brent Bracelin lowered the firm’s price target on Snowflake to $205 from $210 and keeps an Overweight rating on the shares. The company’s product growth moderated for the seventh straight quarter to 37% year-over-year from triple-digit growth peak of 110% in October 2021, the analyst tells investors in a research note. However, the firm is encouraged by Snowflake’s “healthy” July contract signings. If sustained, they could result in a potential 2024 growth reacceleration after two years of moderation, says Piper.
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