Snowflake price target lowered to $250 from $295 at Oppenheimer

Oppenheimer lowered the firm’s price target on Snowflake (SNOW) to $250 from $295 and keeps an Outperform rating on the shares. The firm’s Q4 Snowflake checks suggest solid results driven by broad-based consumption and displacement gains. Oppenheimer’s channel conversations indicated consumption modestly above plan, suggesting upside similar to Q3. While positive on the shares, the firm sees some potential for near-term volatility if year-over-year growth is less than 30% year-over-year.