Wolfe Research downgrade shares to peer perform and removed its price target on Snowflake shares, citing macro overhangs.
Although data company Snowflake has strong product offerings, ongoing overhangs leave Wolfe Research with less conviction in the company's future. "When we launched coverage in April 2022. … we were upbeat on SNOW having the best management team in software, best product, and best growth rate .
The analyst said macro overhangs have reduced the company's growth expectation from 47% product revenue growth in the 2024 fiscal year, to 34% year-over-year growth. "We also see growing competition from Databricks & Microsoft who are clearly competing for the same workloads, mindshare and dollars, possibly creating incremental execution headwinds," Zukin added.
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