105%
117%
Price-to-target inversion into a binary earnings gate RBC raises the target 1 · raise 2 · rally through 3 · inversion 4 · thesis flip 5 · gate SNOW raised Jul 17 spot $329 target $313 implied -4.9% CRWD raised Jun 4 spot $220 target $188.75 (split-adj) implied -14.3% thesis: 'cheap enough' - upside positive binary earnings gate CRWD Aug 26 · SNOW Sep 2 · after close base confirmed beat + raised guidance new price base holds multiple compression miss / weak print worst for consumption-model a beat validates the price base; a miss cuts the multiple