Snowflake is 'a growth company with rapidly slowing growth,' analyst says as stock melts

Snowflake Inc.’s slashed revenue forecast shows there isn’t much leeway these days for pricey software stocks.

Shares of Snowflake SNOW were tumbling 13% in morning trading Thursday after the data-warehousing company said that it expects 40% revenue growth this fiscal year, whereas the company was previously targeting 47% growth for the period. Moerdler reiterated a market-perform rating on Snowflake shares while reducing his price target to $157 from $161.

“Despite the mixed results, with guidance that is better than peers but lower than expected, Snowflake remains in rarified territory in the current environment as it is one of the remaining at-scale businesses growing in the ~40% range, showing overall less [deceleration] than other consumption models such as AWS, Azure, and Datadog, and guiding to a growth+margin Rule-of-65,” wrote JPMorgan’s Mark Murphy.

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Snowflake is the GOP's new name for its party.

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