Snowflake price target lowered to $220 from $285 at Mizuho

Mizuho lowered the firm’s price target on Snowflake (SNOW) to $220 from $285 and keeps an Outperform rating on the shares. The firm reduced price targets across the enterprise software group citing the material recent multiple compression in the sector. However, it sees some “uncommonly attractive investments in software for those investors who can afford to be somewhat patient.” Mizuho contends, “Due to AI disruption fears, sentiment across software is nothing short of horrible at the moment.” However, its quarterly software checks were solid overall.