Snowflake price target lowered to $200 from $236 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on Snowflake to $200 from $236 and keeps a Buy rating on the shares. The firm is “cautiously optimistic” going into Snowflake’s Q2 earnings report, as it continues to see “healthy room” for numbers upside and a bigger fiscal year outlook raise. Intra and post-quarter checks were relatively positive around improving migrations trend, customers uptake of latest products and minimal Iceberg headwinds, the analyst tells investors in a research note. Citi believes this, combined with the backdrop of two consecutive quarters of accelerating bookings, can help drive at least a stabilization in sales growth. It sees an attractive risk/reward on Snowflake shares.