Snowflake price target raised to $180 from $165 at Needham

Needham analyst Mike Cikos raised the firm’s price target on Snowflake to $180 from $165 and keeps a Buy rating on the shares after its Q4 results. The company reduced its FY24 Product Revenue guidance to 40% growth, which was down from a preliminary target of 47% provided on the prior earnings call and was also just below the 41%-42% whisper number, the analyst tells investors in a research note. The firm added however that in spite of the lower FY24 revenue outlook, Snowflake management reiterated that the company is on-plan to achieve its targeted $10B in FY29 product revenue.