Wolfe downgrades this well-known data company on concerns over macro outlook

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Wolfe downgrades this well-known data company on concerns over macro outlook
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Wolfe Research downgrade shares to peer perform and removed its price target on Snowflake shares, citing macro overhangs.

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Although data company Snowflake has strong product offerings, ongoing overhangs leave Wolfe Research with less conviction in the company's future. "When we launched coverage in April 2022. … we were upbeat on SNOW having the best management team in software, best product, and best growth rate .

The analyst said macro overhangs have reduced the company's growth expectation from 47% product revenue growth in the 2024 fiscal year, to 34% year-over-year growth. "We also see growing competition from Databricks & Microsoft who are clearly competing for the same workloads, mindshare and dollars, possibly creating incremental execution headwinds," Zukin added.

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