Bank of America Cuts Snowflake Price Target to $275, Board Member Resigns
Bank of America cut its price target on Snowflake from $310 to $275 while reaffirming a Buy rating, citing updated growth assumptions and peer multiple compression. Board member Jeremy Burton resigned January 30 after the company closed its acquisition of Observe on February 2, emphasizing procedural governance controls.
1. Price Target Revision by Bank of America
On January 30 Bank of America lowered its price target on Snowflake from $310 to $275 while maintaining a Buy rating, attributing the change to updated growth assumptions and peer multiple compression rather than fundamental deterioration.
2. Board Member Resignation Following Observe Deal
Jeremy Burton resigned from Snowflake’s board and its committees effective January 30 after the company closed its acquisition of Observe on February 2, with the company characterizing the departure as a procedural governance step unrelated to strategy or operations.
3. Governance and Integration Outlook
Snowflake remains positioned to capitalize on AI-driven data cloud demand, with disciplined governance measures and strategic acquisitions expected to support its long-term growth in cloud migration and analytics markets.