SNOW
The AI trade is still doing cardio
Snowflake is back in the spotlight, and this time it’s not because of a new product launch or earnings surprise. It’s because the analyst crowd keeps rolling out the red carpet for anything that smells like AI upside.
BTIG’s Gray Powell kept a Buy on the stock on Monday and nudged the price target up from $325 to $340. That’s not exactly a “to the moon” note, but in a market where momentum matters, it’s another green flag for bulls already piling into the name.
Why investors suddenly care again
The bigger story is the shifting narrative around Snowflake’s business. Bulls are saying AI agents, coding tools, and heavier data usage could turn Snowflake’s consumption model into a sneaky growth engine — basically, the more customers experiment, the more Snowflake gets paid. Not a bad setup when everyone and their cousin is trying to bolt AI onto everything.
And BTIG isn’t alone in the bull parade:
- Wells Fargo recently slapped on an Overweight and raised its target to $500
- Jefferies kept a Buy and lifted its target to $310
- RBC Capital and KeyBanc also bumped targets higher
The stock-market version of a comeback tour
Shares were up about 7.09% to $314.07 at the time of publication, which tells you traders are still willing to pay for the AI story. The catch, of course, is that Snowflake now has to keep proving this isn’t just valuation karaoke.
Big picture: when analysts start sounding like venture capitalists, the stock usually gets a nice little jetpack — but eventually the company has to deliver the goods.