Top Analyst Sees 85% Upside for Snowflake Stock, Says AI Fears Had It Backwards: 'The Game Has Changed' -

Artificial intelligence is driving Snowflake Inc.'s (NYSE:SNOW) next phase of growth, prompting Wells Fargo to raise its outlook on the cloud data company's stock.

The bank maintained its Overweight rating on the software company's stock and raised its price target from $320 to $500 in a Wednesday note, reported CNBC.

This implies nearly an 85% upside from its Tuesday closing price of $270.36.

Analyst Ryan MacWilliams believes Snowflake will benefit from AI rather than be disrupted by it, arguing that AI agents are driving higher spending on the platform and that investors are underestimating AI's potential to become the company's primary growth engine.

"The game has changed," he wrote in the note.