Mizuho analyst Gregg Moskowitz lowered the firm’s price target on Snowflake (SNOW) to $180 from $205 and keeps a Buy rating on the shares following the investor day. The analyst is “impressed” with Snowflake’s incremental product updates, including Polaris Catalog, Cortex AI enhancements, Snowflake Notebooks, and a deeper partnership with Nvidia (NVDA). The onus is on Snowflake to prove the new offerings can deliver meaningful incremental revenue, but the blueprint is in place, the analyst tells investors in a research note. The firm cites lower comp multiples for the target drop.
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