Why Snowflake Stock Fell on Friday
Shares of Snowflake (NYSE: SNOW) slumped on Friday, closing down 4.2% for the day, after Deutsche Bank (NYSE: DB) cut its price target on the cloud-based data storage and analytics service from $400 to $375.
Deutsche Bank's call was made as one part of a wide-ranging series of reductions in software stocks' price targets (but no actual downgrades). In addition to Snowflake, the banker cut its valuations on about a dozen different tech stocks today, including names such as Palantir Technologies, Salesforce, and Oracle.
As Deutsche Bank explained, it thinks that software stocks look set to rise "well from here," after a multiday Nasdaq sell-off. That being said, the bank believes it's time for investors to adopt "a healthy respect for the market and macro backdrop."
Source Fool.com
