Wells Fargo Remains Bullish on Snowflake (SNOW), Keeps Buy Rating

On June 5, analyst Michael Turrin from Wells Fargo maintained a Buy rating on Snowflake Inc. (NYSE:SNOW) with a $225.00 price target.

The analyst based his rating on the company’s growth potential and strategic positioning, particularly due to its focus on integrating AI into its product offerings. This lends the company a strong position in the evolving tech landscape, with innovative products such as AISQL and Snowflake Intelligence improving its capabilities, according to the analyst.

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A data center operator working on a rack of servers, emphasizing the company’s cloud services.

Turrin is of the view that these new products leverage collaborations and partnerships with leading AI firms, which may lead to higher customer engagement and usage.

The introduction of Snowflake Inc.’s (NYSE:SNOW) Gen2 architecture is another key factor supporting the analyst’s optimistic outlook, as it is expected to maintain its competitive advantage and enhance customer satisfaction through improved efficiency and performance.

The analyst also considered the acquisition of Crunchy Data by Snowflake Inc. (NYSE:SNOW) as a major boost to its operational data capabilities, supporting the company’s objective of expanding its addressable data market.

Snowflake Inc. (NYSE:SNOW) provides cloud data warehousing software. Its offerings include Data Cloud, and its platform supports a number of use cases, including data engineering, data warehousing, data sharing, data science, data application development, and more.

While we acknowledge the potential of SNOW as an investment, 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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Disclosure: None.