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Why Snowflake Stock Just Bounced | The Motley Fool


Snowflake (NYSE:SNOW) jumped 6% through 2:30 p.m. EDT trading Tuesday on mixed but mostly positive news out of Wall Street.
On the one hand, investment bank Jefferies cut its price target on the cloud-computing company to $235 per share. Investors, warns the banker, seem to be taking a breather post [tech stocks ] massive run from 2020 through early 2021. They re paying smaller multiples to sales and earnings today than they once did. That could put a cap on Snowflake s valuation. Jefferies previously assumed it might be able to rise as high as $280 per share this year; now the analyst is beginning to have doubts.   ....

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