Snowflake price target lowered to $170 from $225 at Evercore ISI

Evercore ISI analyst Kirk Materne lowered the firm’s price target on Snowflake to $170 from $225 and keeps an Outperform rating on the shares. Heading into fiscal Q1 results, the firm ran its quarterly survey with decision-makers at 15 large partners and tells investors that partner commentary points to a largely stable environment as about half of partners view their book of business as better today than 3-6 months ago. The firm expects that fiscal Q2 results will illustrate that the business “remains in better shape than the stock reflects,” but it does not see this as an inflection point for sentiment given that the second half guidance is likely to remain conservative and “it is too early to see material progress on the AI front.”