Snowflake Stock Rises as Wedbush Notes AI ‘Sweet Spot’ in Upgrade | Global News Avenue

Snowflake Stock (Snow) was up about 3% on Monday afternoon after Wedbush upgraded the stock, saying the cloud software provider is “in the best position” to benefit from booming demand. Artificial Intelligence (AI) product.

The bank upgraded the stock to “outperform” from “neutral.” Its new price target is $190.

Wedbush believes that “in our view, the era of artificial intelligence software has arrived.” The first major phase of artificial intelligence is driven by large enterprises including Microsoft (Microsoft Corporation), Amazon (Amazon) and the alphabet’s (Google) Google. They say it’s “time for the broader software community to join the AI ​​party.”

Wedbush says Snowflake’s ‘optimization’ phase is over

The analyst explained that Snowflake’s “optimization” phase is over and it continues to show strong quarter-over-quarter dollar improvement, with “product revenue heading into a significant AI-driven fiscal 2026.” They believe the company “will gain momentum from AI use cases over the next 12 to 18 months.”

In the same report, Wedbush also upgraded shares of data analytics company Elastic (electronic technical committee), and raised its price target on Palantir Technologies (PLTR) and Salesforce (customer relationship management).

Despite today’s gains, Snowflake shares are down 13% year to date.