UBS Reaffirms Buy on Snowflake (SNOW) Amid Strong Data Infrastructure Investment Trends

Snowflake Inc. (NYSE:SNOW) ranks among the best cloud stocks to buy according to Wall Street analysts. On June 12, UBS reaffirmed its Buy rating on Snowflake Inc. (NYSE:SNOW) with a $265 price target. The rating affirmation comes after UBS analysts attended the Databricks conference in San Francisco, where they spoke with 15 clients and partners and took part in the Investor Day.

UBS Reaffirms Buy on Snowflake (SNOW) Amid Strong Data Infrastructure Investment Trends

The firm pointed out that although Snowflake Inc. (NYSE:SNOW) and Databricks are directly competitive, the conference did not spark new concerns about Snowflake’s place in the market. According to the firm’s perspective, industry-wide investments in the data layer remain strong. Despite their rivalry, both companies stand to gain from this continuing investment trend.

According to UBS, the overall mood during the Databricks conference was in favor of the idea that significant investments in data infrastructure would act as a tailwind for Snowflake Inc. (NYSE:SNOW).

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.

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