Citi lowered the firm’s price target on Snowflake (SNOW) to $270 from $300 and keeps a Buy rating on the shares. The firm attributes the stock’s 30% pullback following the fiscal Q3 results to a smaller than usual beat and broader software concerns over AI. Citi views the pullback as overdone, saying Snowflake offers “one of the stronger AI- proof consumption business models.” It cites multiple compression in the software space for the target cut.
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