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16.08.2022 18:00:49

Why Snowflake Stock Is Down Today

A number of Wall Street analysts are out with negative commentary ahead of Snowflake's (NYSE: SNOW) second-quarter report. Investors don't like what they are hearing, sending shares of the cloud-based data specialist down more than 5% in Tuesday trading.Snowflake doesn't release earnings until Aug. 24, but Wall Street is already tamping down expectations about what the company will report.On Tuesday morning, the stock was downgraded to neutral from buy at UBS. Analyst Karl Keirstead wrote that based on discussions with Snowflake partners and customers, he detected "a tone downtick" in spending. With the stock up nearly 50% since mid-June, Keirstead thinks it is a good time to move to the sidelines. UBS did raise its price target to $175 from $165, however.Continue reading
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