Wells Fargo raises SNOW target to $320 citing 28% upside as AI product adoption accelerates among enterprises.
Wells Fargo analyst Ryan MacWilliams increased Snowflake’s (SNOW) price target to $320 from $300, reflecting a 28% upside from current levels. The revision follows robust growth in Snowflake’s AI business, driven by enterprise adoption of its Cortex AI platform and partnership with Anthropic.
Two other firms, Stifel Nicolaus and Bank of America Securities, reaffirmed Buy ratings on SNOW in early June. Snowflake Cortex Code, the company’s fastest-growing product, now has over 7,100 users, with major clients like Block and Notion integrating AI solutions.
The company highlighted strong customer interest at its Snowflake Summit 26, attributing demand to the Anthropic collaboration, which enhances AI tool accessibility for enterprises.