Snowflake Lower as Jefferies Initiates at Hold on Valuation

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Snowflake  (SNOW) – Get Report shares fell after Jefferies analyst Brent Thill initiated coverage of the cloud-services company with a hold rating and $250 share-price target.

He likes the company but not its valuation — about 51 times his 2022 revenue estimate and 21 times his best-case 2023 estimate. 

The San Mateo, Calif., company’s stock stands “ahead of its fundamentals,” Thill wrote in a commentary, according to Bloomberg.

Snowflake recently traded at $244.80, down 2.5%. It has more than doubled from its Sept. 15 IPO price of $120.

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