The bank’s revised target implies 85% upside from SNOW’s $270.36 close, citing AI-driven enterprise demand.
Wells Fargo raised its Snowflake price target to $500 from $320, the highest on Wall Street, reversing earlier bearish sentiment tied to AI disruption. The new target reflects a view that AI adoption will boost enterprise spending on SNOW’s data platform.
SNOW shares fell earlier this year as investors feared AI would reduce demand for traditional software. The stock closed at $270.36 on July 28, making the new target an 85% upside call. Analyst Ryan MacWilliams described the shift as “The game has changed.”
The move contrasts with prior Wall Street skepticism, positioning Wells Fargo as the most bullish on SNOW’s AI-driven growth potential.