Snowflake Inc. (SNOW) saw its stock price plummet 5.02% on Wednesday's intraday trading session. The drop can be attributed to a recent analyst downgrade from Wedbush Securities.
According to reports, Wedbush analyst Dan Ives downgraded Snowflake from Outperform to Neutral, while maintaining a price target of $190. This downgrade likely contributed to the sell-off in Snowflake shares during the trading session.
While the exact reasons behind the downgrade were not explicitly stated in the news, analyst downgrades can often lead to a decline in investor sentiment and increased selling pressure, particularly in the short term.
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