BUZZ-Wedbush raises PT on Snowflake, cites AI tailwinds
Wedbush has raised its price target on Snowflakefrom $250 to $270, maintaining an “outperform” rating. This new target reflects a 12.2% premium over the stock's last close. Snowflake shares are up nearly 1% at $243 in premarket trading. Wedbush expresses confidence in Snowflake's growth potential, driven by its refined go-to-market strategy and integration of product innovations, particularly in response to rising AI demand. Currently, 42 of 51 brokerages rate the stock as “buy” or higher, with a median price target of $270. The stock has increased 56% year-to-date.
Wedbush lifts PT on cloud analytics firm Snowflake (SNOW.N) to $270 from $250, maintains rating at “outperform”
New PT shows a premium of 12.2% from the stock’s last close
Shares of the co nearly up 1% at $243 premarket
Wedbush sees confidence in co’s ability to accelerate growth by refining its go-to-market strategy and better integrating recent product innovations and marketing efforts
Adds SNOW is well-positioned to benefit from rising AI demand, aided by its strong cloud data platform and focus on simplifying data systems
42 of 51 brokerages rate the stock “buy” or higher, 8 “hold” and 1 “sell”; their median PT is $270- data compiled by LSEG
As of last close, stock has risen 56% YTD
