Snowflake price target lowered to $240 from $290 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on Snowflake to $240 from $290 and keeps a Buy rating on the shares. The firm says it was “caught off guard” by Snowflake’s weaker revenue outlook and CEO Slootman’s departure, but it remains Buy rated following the 20% share price decline. The firm believes estimates have been “adequately de-risked,” reflecting overly pessimistic scenarios on consumption, optimization headwinds and minimal contribution from new products where initial feedback is constructive.