Shares of data cloud company Snowflake (NYSE:SNOW) are inching upward today after Stifel Nicolaus analyst Brad Reback upgraded the rating on the stock to a Buy from a Hold alongside a $185 price target.
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The analyst is positive on the stock after recent comments from other companies in the cloud space indicated optimization challenges for the industry might be receding. Reback expects SNOW to gain meaningfully from the rise of generative AI and sees the company successfully monetizing clients who are training large language models.
Overall, the Street has a $188.05 consensus price target on Snowflake pointing to an 18.4% potential upside in the stock.
Additionally, Snowflake is slated to announce first-quarter numbers on May 24. Analysts expect the company to post an EPS of 0.06 on revenue of $611.37 million for the period.
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