Snowflake slumps as UBS cuts PT ahead of Q1 results
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Snowflake (NYSE:SNOW) shares slipped on Monday as investment firm UBS cut its price target ahead of the data warehousing company reporting first-quarter results later this week.
Analyst Karl Keirstead lowered the per-share price target on Snowflake (SNOW) to $180 from $260, noting that although there has been a sector wide sell-off and there is some concern that broader economic concerns could lead to risks in the second-half, Snowflake (SNOW) still has "healthy fundamental demand." 
"Bottom line, Snowflakeâs partners and customers are now sounding better than the investor tone embedded in Snowflake shares and we reaffirm our Buy rating," Keirstead wrote.
Snowflake (SNOW) shares fell slightly more than 3% to $137.19 in early trading on Monday.
In addition, Keirstead noted that Snowflake (SNOW), which has seen its shares fall 57% year-to-date, likely had a first-quarter that tracked well, with no strong evidence of a decline in demand. 
"Weâve been getting investor inbounds over the last two weeks about the potential impact of an internal sales re-org, but our checks didnât flag an impact on the [first-quarter] results," Keirstead added, noting there were no signs of deals being pushed out as there were with Workday (WDAY) and Salesforce (CRM). 
Keirstead also noted that there is the potential for investors to be "overly negative" on Snowflake (SNOW), even if there is a "perceived risk" to usage-based models like Snowflake's and the potential for customers to keep their savings and not boost spending in the second-half as some believe.
Last week, it was reported that Lone Capital had exited its stake in Snowflake (SNOW), while also cutting and adding to several other positions in its portfolio.