Snowflake Inc. (NYSE:SNOW) is one of the 10 Best AI Stocks to Buy in June.
On June 5, TheFly reported that Truist increased its price target on Snowflake to $300 from $275 while maintaining a Buy rating on the shares, following the company’s Investor Day presentation on June 2
The analyst noted that Snowflake’s Cortex Code (CoCo) tools are accelerating workload creation, migrations, and platform expansion, based on customer and partner feedback. Similarly, on June 4, Barclays analyst Raimo Lenschow also increased the price target on Snowflake to $285 from $272 while maintaining an Equal Weight rating on the stock, according to a . The analyst highlighted that the firm’s investor day had a positive impact on the stock, noting that the company’s faster product velocity is clear.
Lenschow also highlighted that Snowflake’s CoCo is driving a multi-pronged, positive effect on usage that is still early. Based on 53 analyst ratings compiled by CNN, 87% assigned a Buy rating to Snowflake, while 11% assigned a Hold rating. The stock has an average price target of $296, a 24.23% upside from the current price of $238.26.