Why Snowflake, Twilio, and Skillz Are Falling Today
On an otherwise positive day for the S&P 500 and Nasdaq, tech stocks Snowflake (NYSE: SNOW), Twilio (NYSE: TWLO), and Skillz (NYSE: SKLZ) were going in the other direction. Each stock was down more than 5% to start today, although they had recovered to down 1.9%, 3.5%, and 4.6%, respectively, as of 1:09 p.m. ET.
Shareholders can thank sell-side analysts for today's relative underperformance, as downgrades and price target decreases across these three names seem to be the culprit. In addition, long-term rates rose slightly, which caused many high-growth, low-profit stocks to underperform.
Snowflake reports earnings on Wednesday. Ahead of those figures, it appears analysts at UBS, Cowen, and Jefferies all thought it time to get their price targets closer to Snowflake's current share price under $140. UBS lowered its price target from $260 to $180, Cowen lowered its target from $390 to $280, and Jefferies lowered its target from $230 to $150.
Source Fool.com
