As previously reported, Wedbush analyst Taz Koujalgi initiated coverage of Snowflake with a Neutral rating and $144 price target. The analyst notes that the company’s consumption-based revenue model can result in its revenues being lumpy, and he has seen the momentum slow down a bit in the last few quarters. His analysis shows sales productivity trending down and net new ARR growth slowing down. Also, the company is trading at about 14-times 2025 EV/Sales, and Koujalgi believes the risk/reward is balanced at these levels.
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