Snowflake shares are trading lower after Wells Fargo downgraded the stock from Overweight to Equal-Weight and lowered its price target from $200 to $130.
Portfolio Pulse from Benzinga Newsdesk
Snowflake shares are trading lower after Wells Fargo downgraded the stock from Overweight to Equal-Weight and lowered its price target from $200 to $130.
August 15, 2024 | 12:28 pm
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NEGATIVE IMPACT
Wells Fargo downgraded Snowflake from Overweight to Equal-Weight and reduced its price target from $200 to $130, causing the stock to trade lower.
The downgrade by a major financial institution like Wells Fargo and the significant reduction in the price target are likely to negatively impact investor sentiment and lead to a short-term decline in Snowflake's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100