Snowflake's stock drops 40% from IPO high, despite revenue growth and AI investment; JMP Securities maintains "market outperform" rating.

Snowflake's stock has dropped 40% from its IPO high despite robust revenue growth and consistent free cash flow. Its new CEO, Sridhar Ramaswamy, has prioritized AI and invested $5 million into the company. Recent guidance suggests slower growth at 22% product revenue for the current fiscal year, raising concerns. Despite this, JMP Securities raised its price objective from $212.00 to $235.00 and gave a "market outperform" rating.

April 20, 2024
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