Snowflake Inc.’s meteoric rise from a September trading debut may take a breather heading into the end of the year, according to Deutsche Bank.

Analyst Patrick Colville sees the risk-reward ratio for the soaring software company as balanced and warned that “winter is coming” for the stock and fellow high-flying companies. While pent-up demand for the group helped fuel recent rallies, upside “may be limited as we wrap up 2020 and investors look to protect their year,” he wrote in the note downgrading the stock to a hold rating from buy.

Shares of the San Mateo, California-based company dropped as much as 5.5 per cent in Friday’s session to the lowest in a week, but have nearly tripled from its Sept. 16 initial public offering. It’s worth noting that the company’s market capitalization topped US$120 billion earlier this week, passing the likes of International Business Machines Corp. and Advanced Micro Devices Inc. in value. Its market value currently sits at about US$100 billion.

A lockup expiration, slated for Dec. 15, that would boost the number of shares available for trading could weigh on the stock, Colville wrote. “Any profit taking around the lockup expiry could be exaggerated by tight liquidity typical in late December and early January,” he warned.

Deutsche Bank is among at least 13 analysts who struggle to see an outperformance for the stock on the horizon. Of the 22 analysts that track the stock, nine recommend buying shares while 12 advise clients hold the stock and one has a sell-equivalent rating, data compiled by Bloomberg show. The average analyst price target of US$295.86 implies the shares will lose about 16 per cent of their value over the next year.