Snowflake price target lowered to $210 from $240 at Needham

Needham lowered the firm’s price target on Snowflake to $210 from $240 but keeps a Buy rating on the shares after its Q1 results. The company outperformed buyside expectations as a result of solid trends and the management noted strong consumption in February and March, before moderating in April, the analyst tells investors in a research note. Investor disappointment with the reduced operating and free cash flow margin guidance for FY25 is a “short-term view” as Snowflake is investing in a rapidly-evolving market to ensure long-term positioning, and has a number of new products coming to market later this year, the firm added.