Snowflake upgraded to Hold after earnings selloff at HSBC

HSBC analyst Stephen Bersey upgraded Snowflake to Hold from Reduce with a price target of $121, up from $119, following the post-earnings selloff in the shares. As Snowflake’s growth has decelerated, it will increasingly focus on margin expansion like many of its peers have during periods of slow growth, the analyst tells investors in a research note. The firm believes the stock’s premium valuation is “well deserved.”