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Analysts revise Snowflake stock price targets after earnings report
The post Analysts revise Snowflake stock price targets after earnings report appeared on BitcoinEthereumNews.com. Aside from the semiconductor producers, another benefactor of the artificial intelligence (AI) driven rally has been the cloud server sector, in which Snowflake (NYSE: SNOW) has been an up-and-coming candidate. A beat on earnings per share of $0.18 compared to $0.16 and revenue of $869 million compared to the expected $852 million in Snowflake’s Q2 earnings report on August 21 has prompted the leadership to raise its guidance for the upcoming quarter and the full financial year of 2025. However, Snowflake’s CEO stepped down earlier this year, causing SNOW stock to fall by 20% in a single trading session on February 29. Shares have been unable to recover since, with a 28.59% decrease on a year-to-date basis, as Wall Street analysts see the effect of a sudden CEO transition carried over six months after. SNOW stock YTD price chart. Source: Finbold Some Wall Street analysts are skeptical about SNOW stock Despite providing a double beat on Q2 earnings, the report showed that the cloud server firm faces decreasing earnings from share compared to the previous year (18% less) and diminishing operating margin, down by 5.18% year-over-year. On August 22, Guggenheim’s analyst John DiFucci reaffirmed its “neutral” rating on the stock, citing the slowdown in the broader IT industry, which has affected Snowflake’s financials. DiFucci added, “It seems to us that it’s probably more the latter, as this ‘New Normal’ likely hasn’t changed much, with results from companies that ebb and flow in a challenging IT spending environment.” BTIG analysts also maintained their “neutral” rating on SNOW stock on the same date, citing increasing competitive pressure as one of the main reasons for the company’s shrinking profit margins. Ratings before the Q2 earnings release were moderately bearish on Snowflake’s outlook, as evidenced by Loop Capital’s decrease in its price target from…
The post Analysts revise Snowflake stock price targets after earnings report appeared on BitcoinEthereumNews.com.
Aside from the semiconductor producers, another benefactor of the artificial intelligence (AI) driven rally has been the cloud server sector, in which Snowflake (NYSE: SNOW) has been an up-and-coming candidate. A beat on earnings per share of $0.18 compared to $0.16 and revenue of $869 million compared to the expected $852 million in Snowflake’s Q2 earnings report on August 21 has prompted the leadership to raise its guidance for the upcoming quarter and the full financial year of 2025. However, Snowflake’s CEO stepped down earlier this year, causing SNOW stock to fall by 20% in a single trading session on February 29. Shares have been unable to recover since, with a 28.59% decrease on a year-to-date basis, as Wall Street analysts see the effect of a sudden CEO transition carried over six months after. SNOW stock YTD price chart. Source: Finbold Some Wall Street analysts are skeptical about SNOW stock Despite providing a double beat on Q2 earnings, the report showed that the cloud server firm faces decreasing earnings from share compared to the previous year (18% less) and diminishing operating margin, down by 5.18% year-over-year. On August 22, Guggenheim’s analyst John DiFucci reaffirmed its “neutral” rating on the stock, citing the slowdown in the broader IT industry, which has affected Snowflake’s financials. DiFucci added, “It seems to us that it’s probably more the latter, as this ‘New Normal’ likely hasn’t changed much, with results from companies that ebb and flow in a challenging IT spending environment.” BTIG analysts also maintained their “neutral” rating on SNOW stock on the same date, citing increasing competitive pressure as one of the main reasons for the company’s shrinking profit margins. Ratings before the Q2 earnings release were moderately bearish on Snowflake’s outlook, as evidenced by Loop Capital’s decrease in its price target from…
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