May 15, 2024

Analysts at BofA Securities have adjusted the price target for Snowflake (NYSE:SNOW) from $212 to $200, maintaining a Neutral rating on the stock.

The analysts provided insights into the anticipated Q1 results for Snowflake, set to be released on May 22. In order to predict product revenue, they utilized data from Similarweb on total page views, as mentioned in the April BofA Cloud View report. They highlighted a substantial correlation (79%) between this data and product revenue. Upon examining trends, they noticed that total page views for February exceeded the usual monthly seasonality, registering a 6.2% month-over-month increase, as opposed to the regular 1.4%.

March experienced a minor decline with an 11.1% increase, compared to a projected 13%, and April’s numbers were notably lower, with a 19.1% decrease month-over-month, in contrast to a forecasted 10.7% drop.