Canaccord Keeps Buy on Snowflake (SNOW) with $220 Price Target

Snowflake Inc. (NYSE:SNOW) is one of the 10 best growth stocks to buy according to billionaires. On June 9, Canaccord Genuity analyst Kingsley Crane reaffirmed a Buy rating on Snowflake (SNOW) and maintained the price target at $220.

In Crane’s view, Snowflake continues to strengthen its position by focusing on simplifying data access and making it more broadly usable across enterprises. The platform’s architecture, especially its SQL-native interface, has made it easier for organizations to adopt and scale, helping drive up consumption, which remains the core of Snowflake’s revenue model.

A software engineer at work, surrounded by a wall of computer monitors connected to a ‘Data Cloud’ platform.

The analyst also highlighted the company’s product advancements, including Generation 2 Warehouses and Adaptive Compute, which aim to deliver improved performance and efficiency.

He also believes that Snowflake’s move toward open data standards and its recent acquisition of Crunchy Data suggest a broader strategy to embed itself more deeply within open-source and AI ecosystems. Products like Cortex AI and AISQL, along with the growing Marketplace, underscore its intent to keep pace with rising enterprise demand for AI-powered data tools. Due to these factors, Crane believes that Snowflake is well-positioned as a key long-term beneficiary of the growing demand for AI-driven data platforms among enterprises.

Snowflake Inc. (NYSE:SNOW) is a cloud-based data platform that enables organizations to store, analyze, and share data efficiently. Its Data Cloud allows businesses to consolidate data in one secure and reliable place, driving innovation and valuable insights.

While we acknowledge the potential of SNOW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.