Down 58% in This Bear Market, Can Snowflake Recover in 2023?
Shares of Snowflake (NYSE: SNOW) have lost roughly 58% of their value since the market peaked on Jan. 3, 2022. While the company has generally served up strong business results over the last year, macroeconomic pressures including high levels of inflation and rising interest rates have led to substantial multiple contraction for equities.
Due to its highly growth-dependent valuation, it's not surprising that Snowflake's sell-off in the current bear market has been significantly worse than the roughly 31% slide for the Nasdaq Composite index's level. The data-services specialist is facing an unfavorable operating and valuation backdrop, but it's far too early to give up on the stock.
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Source Fool.com
