Hot IPO Snowflake gets another bearish analyst rating

A banner for Snowflake Inc. is displayed celebrating the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., September 16, 2020.

Brendan McDermid | Reuters

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Another Wall Street firm said Thursday that one of the year’s biggest IPO pops went too far.

Jefferies initiated coverage of Snowflake with a hold rating and a price target below where the stock closed during Wednesday’s session. The cloud storage stock, which more than doubled in its September debut, previously received a sell rating from Summit Insights Group.