SNOW - Why Snowflake Stock Dived by Almost 6% Today
2024-03-04 18:53:54 ET
A pundit at a prominent bank got notably less bullish on Snowflake (NYSE: SNOW) stock as the trading week kicked off, and the company's stock subsequently fell to close Monday 5.5% lower. While the day wasn't a particularly memorable one for stocks generally, Snowflake's decline was far sharper than the S&P 500 index's 0.1%.
The person behind the move was Citigroup analyst Tyler Radke. Well before the market opened that day, he chopped his Snowflake price target by a hefty $50 per share for a new level of $290. This doesn't mean he's ready to throw in the towel on the stock, as he maintained his buy recommendation.
The reasoning behind Radke's cut wasn't immediately apparent. However, it isn't a major surprise. It came after a turbulent week for the cloud data warehousing specialist, in which it unveiled fourth-quarter results that convincingly beat analyst estimates, but featured current first-quarter guidance that didn't meet the consensus.
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Why Snowflake Stock Dived by Almost 6% Today