Snowflake price target lowered to $225 from $235 at Loop Capital

Loop Capital lowered the firm’s price target on Snowflake to $225 from $235 but keeps a Buy rating on the shares after its Q1 results. The company delivered a good quarter with product revenue advancing 34% y/y to $789.6M, lapping last year’s 50% growth quarter, the analyst tells investors in a research note. Among concerns however is that Snowflake’s Net revenue retention rate slid to 128% from 151% a year ago and 131% in Q4, and the metric is expected to dip a bit more before stabilizing, the firm added.