Wells Fargo reiterated its overweight rating on Snowflake and raised its price target to $500 from $320, the highest on the Street according to LSEG. This target implies a nearly 85% gain from Tuesday’s closing price. After falling more than 44% earlier in the year due to concerns about AI’s impact on the SaaS business model, the stock has bounced back and gained more than 20% year-to-date. Analyst Ryan MacWilliams views Snowflake as a near-term AI beneficiary, with AI agents accelerating spending on the platform and encouraging businesses to store more data. Among the 52 analysts tracked by LSEG, 46 recommend buying or strongly buying the stock.
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