Why Snowflake Stock Just Bounced

·2 min read
Why Snowflake Stock Just Bounced

Shares of recent IPO 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. 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.