Wall Street Analysts See Upside Potential for 5 Stocks with Rising Price Targets

04. Snowflake Inc. (NYSE:SNOW)

Upside Potential: 22%

As of January 16, financial firm Truist Financial has made significant adjustments to its assessment of Snowflake Inc. (NYSE:SNOW), a leading player in the cloud data platform industry. Truist Financial has increased its target price on Snowflake Inc. (NYSE:SNOW) shares from $210.00 to $230.00, signaling a substantial upside potential of 22% in compariosn to its current market price. Simultaneously, Truist Financial has bestowed a “buy” rating upon the company. The decision to elevate the target price to $230.00 reflects Truist Financial’s optimistic outlook on Snowflake Inc. (NYSE:SNOW) future market performance. This adjustment signifies Truist Financial’s confidence in the company’s potential for significant appreciation in stock value, considering factors such as anticipated improvements in financial metrics, strategic initiatives, or positive trends within the cloud data platform sector. The “buy” rating underscores Truist Financial’s strong endorsement of Snowflake as a favorable investment opportunity. This positive rating suggests that Truist Financial believes Snowflake Inc. (NYSE:SNOW) is well-positioned to outperform its industry peers, and investors should consider it as an attractive option within the dynamic and competitive cloud data platform landscape.

ClearBridge Multi Cap Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its Q2 2023 investor letter:

“While the ClearBridge Multi Cap Growth Strategy has limited mega cap exposure, which has been a recent headwind to relative performance, we own several companies that stand to benefit from the explosive growth in generative AI. These holdings play key roles in building out the necessary infrastructure and helping customers leverage capabilities enabled by this emerging technology.

Snowflake Inc. (NYSE:SNOW), a cloud-based data platform company, is positioned well to help enterprises better leverage their own data to get the most out of AI models. Though it is still early days in terms of adoption, Snowflake saw workloads for data science, machine learning, and AI use cases grow more than 90% year-over-year in its most recent quarter.”