Wells Fargo maintained its Overweight rating on Snowflake. The bank raised its price target to $500 from $320. This valuation represents the highest target on Wall Street. The new target implies a potential upside of nearly 85%. The stock previously closed at $270.36. Snowflake shares rose during morning trading.
Analyst Ryan MacWilliams stated that fears of AI disrupting Snowflake are misplaced. Customer surveys show AI agents and coding tools are driving increased data uploads. Wells Fargo now identifies AI as the company’s primary growth engine. The bank views Snowflake as a near-term beneficiary of AI adoption.