Snowflake Inc. (SNOW) PT Lowered to $180 at Mizuho

Mizuho analyst Gregg Moskowitz lowered the price target on Snowflake Inc. (NYSE: SNOW) to $180.00 (from $205.00) while maintaining a Buy rating.

The analyst commented: "We attended Snowflake Summit, SNOW's annual user conference, along with its Investor Day in San Francisco. We were impressed with the incremental product updates, including Polaris Catalog, Cortex AI enhancements, Snowflake Notebooks, and a deeper partnership with NVDA. Mgmt also importantly quantified the timing around when emerging revenue drivers will begin to impact the model.

In our view, the onus is on SNOW to prove that these new offerings can in fact deliver meaningful incremental revenue, but we believe the blueprint is in place. And with multiple emerging upside vectors (new products, bookings, and increased consumption incentives), we reiterate our Buy although we lower our PT to $180 (was $205) due to lower comp multiples."

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