© Reuters. Snowflake (SNOW) Stock Plunges 7% Despite Rosenblatt Upgrade to Buy on Valuation and Growth
By Senad Karaahmetovic
Shares of Snowflake Inc (NYSE:) are down more than 7% today on broader sector weakness despite the fact that Rosenblatt analyst Blair Abernethy upgraded it to Buy from Neutral.
A new price target is $255.00 per share, down from the prior $325.00. The upgrade call comes as the company prepares to report Q1 results on Wednesday after market close.
“Given the ongoing enterprise Digital Transformation momentum, strong Q1 growth reported by the leading Cloud Service Providers (CSPs), and Snowflake’s healthy +160% Net Revenue Retention (NRR) rate, we expect Snowflake to meet or marginally exceed our Q1 Product Revenue growth estimate of 81% y-o-y,” Abernethy said in an upgrade note.
The price target implies a near 100% upside from current levels.
As of 10:15 EST, Snowflake stock price trades at $128.89.
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