Snowflake Inc. (NYSE: SNOW) saw its stock plummet 5.57% in Monday's intraday trading session, following a downgrade from DA Davidson analysts. The cloud-based data platform provider faced pressure after the investment firm lowered its price target on Snowflake shares from $225 to $200, while maintaining a "Buy" rating.
The revised price target comes as part of a broader research note from DA Davidson, which anticipates a potential economic slowdown in the United States. The firm's analysts are projecting one or two quarters of negative GDP growth, leading to lower valuations across the tech sector and potentially slower growth for companies like Snowflake.
According to the DA Davidson report, the next couple of quarters are likely to witness a deceleration in both consumer activity and corporate investment, regardless of how tariffs play out. This outlook has prompted investors to reassess their positions in growth-oriented tech stocks, contributing to Snowflake's sharp decline today.
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