Wedbush analysts on Monday raised their target price on Snowflake Inc (NYSE:SNOW) to $270 per share from $250, while expressing their “incremental confidence” on the company’s AI growth story.
“Snowflake remains at the forefront of innovation with its cloud-based data platform providing advanced capabilities for data processing and warehousing while looking to simplify platform architectures across industries,” the analysts wrote in a note to clients.
They believe Snowflake remains in the “early innings” of capitalizing on AI demand and believe the company’s innovation engine remains a “key differentiator” across the industry with more organizations looking to simplify AI applications across operations to boost efficiencies and productivity.
The analysts added that major organizations across all industries have turned to Snowflake to better prepare data for the GenAI era, leveraging multiple capabilities, including data storage, Cortex, analytical tools, and more as Snowflake continues expanding its product offerings to address greater opportunities forming within the AI landscape.
For example, Snowflake recently announced a strategic partnership with Palantir that integrates Snowflake’s Data Cloud with Palantir’s Foundry and AIP for commercial and federal partners to build more efficient and trusted data pipelines, faster data analytics, and AI applications.
Snowflake shares rose nearly 1% to $242.86 in midday trading on Monday.