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Snowflake stock down after analyst issues sell rating

Yahoo Finance Video

Yahoo Finance Live anchors discuss how Snowflake stock is performing after an analyst issued a sell rating.

Video Transcript

BRIAN SOZZI: All right, before we head to break, we're watching some further melting in shares of cloud play, Snowflake. Guggenheim analyst John DiFucci initiated coverage of Snowflake with a sell rating. In a new note to client, he says this-- we're cautious in the face of potential recession and don't believe Snowflake is immune as management suggests.

The once hot IPO has seen its stock plunge 50% year to date on signs of slowing growth. That move in the stock has underperformed the NASDAQ composite's 18% drop. DiFucci, meantime, initiated coverage of Oracle with a buy rating and a price target that assumes a 39% upside.