Snowflake Gains Momentum in AI and Data Cloud, Says Truist Securities

Snowflake Inc. (NYSE:SNOW) ranks among the best fundamental stocks to buy according to hedge funds. On June 18, Truist Securities restated its Buy rating and $235 price target for Snowflake Inc. (NYSE:SNOW) following encouraging results from the firm’s mid-year IT spending survey.

The survey revealed that Snowflake’s data cloud offerings remained prevalent and suggested that growing momentum would continue. Notably, Truist appeared somewhat surprised by the positive survey results around new product adoption.

Snowflake Gains Momentum in AI and Data Cloud, Says Truist Securities

Truist also noted advancements during Snowflake’s recent investor session and user conference, highlighting the company’s notable advancements in artificial intelligence over the previous two years. As investments in the AI vertical continue to rise, the research firm believes Snowflake Inc. (NYSE:SNOW) is in an ideal spot to take on additional workloads.

Snowflake Inc. (NYSE:SNOW) is an American cloud-based data storage company that operates a platform built on Amazon Web Services, Microsoft Azure, and Google Cloud. It also provides Snowflake Cortex with a set of AI capabilities that employ large language models to analyze unstructured data.

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.

Read More: 10 Best Magic Formula Stocks for 2025 and 10 Best Retirement Stocks to Buy According to Hedge Funds

Disclosure: None.