Here's Why Snowflake Stock Jumped Today
Shares of Snowflake (NYSE: SNOW) were up about 10% as of 2:15 p.m. ET on Monday, after an analyst had some positive things to say about this investment opportunity.
Technically speaking, Piper Sandler analyst Brent Bracelin lowered the price target for Snowflake stock from $200 per share to $194 per share, according to The Fly. The market could have taken this as a negative. But there's a reason why the market is choosing to take this as good news instead.
Bracelin anticipates a season of slower growth for the massive cloud computing industry, of which Snowflake is a major player. However, even with this slowing-growth outlook, Bracelin still feels Snowflake can beat the market over the next year. And taking everything into account, the analyst only lowered the stock's price target by 3%.
Source Fool.com
