1. Snowflake Inc. (NYSE:SNOW)
One-month stock performance: 42.05%
On June 9, Wells Fargo analyst Ryan MacWilliams raised the firm’s target price on Snowflake Inc. (NYSE:SNOW) to $320 from $300 and assigned a Buy rating to the stock. The upward price target revision reflects a 28% upside from current levels. In addition to Wells Fargo, two other analysts reaffirmed their Buy ratings on the stock in the first week of June. This includes Stifel Nicolaus and Bank of America Securities.
On June 2, at Snowflake Summit 26, the company highlighted the benefits of its partnership with Anthropic, which was announced in December 2025. It noted that the collaboration was increasing enterprise adoption of Claude through Snowflake Cortex AI. Christian Kleinerman, Snowflake’s EVP of Product, believed that the growing adoption of Claude by companies reflects increasing demand for AI tools. As a result, the company sees strong customer interest across its AI products, with Snowflake Cortex Code becoming the fastest-growing product in Snowflake’s history.
The AI tailwind has resulted in Snowflake’s Cortex Code having more than 7,100 users. Moreover, major enterprises are adopting the company’s AI solutions, including Basis, Block, Caravana, eSentire, Indeed, and Notion.
Steve Corfield, Head of Global Business Development & Partnership at Anthropic, remarked,
Snowflake brings the governed data environment enterprises already rely on, and Claude brings the reasoning to put that data to work. Together we’re making it easy for organizations to use trusted AI on their most critical business data.
Snowflake Inc. (NYSE:SNOW) provides a cloud-based data platform that helps organizations store, manage, and share data across multiple public clouds. Its platform, called the Snowflake Data Cloud, supports diverse workloads including data engineering, analytics, machine learning, and secure collaboration.
While we acknowledge the potential of SNOW to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SNOW and that has 100x upside potential, check out our report about the cheapest AI stock.
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