SNOW - Why Snowflake Stock Fell on Friday
Shares of Snowflake (NYSE: SNOW) slumped on Friday, closing down 4.2% for the day, after Deutsche Bank (NYSE: DB) cut its price target on the cloud-based data storage and analytics service from $400 to $375.
Deutsche Bank's call was made as one part of a wide-ranging series of reductions in software stocks' price targets (but no actual downgrades). In addition to Snowflake, the banker cut its valuations on about a dozen different tech stocks today, including names such as Palantir Technologies , Salesforce , and Oracle .
As Deutsche Bank explained, it thinks that software stocks look set to rise "well from here," after a multiday Nasdaq sell-off. That being said, the bank believes it's time for investors to adopt "a healthy respect for the market and macro backdrop."
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Why Snowflake Stock Fell on Friday