Investment firm Baird recently highlighted software company Snowflake’s (NYSE:SNOW) potential in the rapidly evolving data cloud sector. It emphasized the company’s promising position despite concerns about generative AI and its impact on Snowflake’s business model. Baird believes that cloud data transition is in its infancy and projects a bright future for the firm. Still, shares fell in today’s trading.
Analyst William Power, maintaining a Buy rating with a $210 price target on Snowflake, suggests that current market prices offer a lucrative opportunity for investors. He pointed to the company’s work with customers like SoFi Technologies (NASDAQ:SOFI), where SNOW’s offerings were successfully integrated into the SoFi Virtual Assistant. Power says this demonstrates the platform’s comprehensive capabilities and wide-ranging applications in data management and analysis.
Is SNOW Stock a Good Buy?
Overall, analysts have a Moderate Buy consensus rating on SNOW stock based on 24 Buys, 11 Holds, and two Sells assigned in the past three months, as indicated by the graphic below. After a 3.3% rally in its share price over the past year, the average SNOW price target of $211.26 per share implies 39.6% upside potential.
