Snowflake price target lowered to $270 from $299 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Snowflake (SNOW) to $270 from $299 and keeps an Overweight rating on the shares. Data infrastructure names have been sold along with SaaS amid the current software selloff, but the firm’s checks point to sustained demand, creating an attractive setup heading into calendar year 2026, the analyst tells investors in a group note. Heading into results, the firm prefers Snowflake and Elastic (ESTC), while adding that MongoDB (MDB) “should work after an in-line guide.”