RBC Capital lowered the firm’s price target on Snowflake to $220 from $246 but keeps an Outperform rating on the shares ahead of its Q1 results. After the company has reset expectations in February, the firm sees a better setup this quarter, looking for slight upside to estimates and guidance, the analyst tells investors in a research note. RBC further states that it sees estimates having the potential to move higher through the year, and it remains positive with its long-term thesis on the name, adding that the next catalyst for Snowflake is likely the company’s June 3-6 user conference.
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