Snowflake Inc. (SNOW) PT Lowered to $215 at Rosenblatt But Still Sees Solid Product Adoption in Q3

Rosenblatt analyst Blair Abernethy lowered the price target on Snowflake Inc. (NYSE: SNOW) to $215.00 (from $245.00) while maintaining a Buy rating ahead of earnings tomorrow. The analyst sees solid results.

The analyst commented, "Snowflake is expected to report Q3/FY23 results (ending October 31, 2022) on November 30th, after market close. With ongoing broad-based enterprise Digital Transformation continuing, still healthy Q3 growth reported by the top Cloud Service Providers (CSP’s), and Snowflake’s 160%+ Net Revenue Retention (NRR) rate, we expect Snowflake to meet or marginally exceed our Q3 Product Revenue organic growth estimate of 61% y-o-y. With this note, we preview the quarter and are trimming our target price to $215 (was $245) to reflect recent comparable multiple compression and a higher discount rate assumption. At current stock price levels, we remain a Buy on Snowflake."

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