Snowflake (SNOW) wants to convince Wall Street its next act is larger than cloud data storage.
Bank of America seems to be buying the pitch
BofA Securities came out more bullish on Snowflake after the company’s investor day, reiterating a Buy rating and $300 price target. That estimate suggested about 22.5% upside from Snowflake’s June 2 price of $244.82, the brokerage said in its research note. The verdict is significant as Snowflake struggles to establish a more valuable identity amid the artificial intelligence industry.
It doesn’t want to be perceived as just another high-growth software firm with an expensive stock. It aims to be seen by investors as one of the primary platforms big firms will use to organise, regulate and activate their data for AI agents. That’s a much larger narrative.