BofA Securities analysts reduced the price target on Snowflake (NYSE:SNOW) to $200 from $212, while continuing to give the stock a Neutral rating.

The analysts discussed the expected Q1 results for Snowflake, scheduled for release on May 22. To forecast product revenue, the analysts refer to Similarweb data on total page views from the April BofA Cloud View report, noting a strong correlation (79%) between this data and product revenue. Analyzing trends, they observe that total page views in February were above typical monthly seasonality, showing a 6.2% month-over-month increase, compared to the usual 1.4%.

However, March saw a slight dip with an 11.1% increase, compared to an expected 13%, and April’s figures were significantly lower, with a 19.1% decrease month-over-month, compared to an anticipated 10.7% decline.

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