Wells Fargo initiated coverage of Snowflake (SNOW) with an Overweight rating and $275 price target The company has ample runway for expansion driven by core end market growth, with incremental levers from new products and AI, the analyst tells investors in a research note. Snowflake’s execution, go-to-market, and long-term vision have improved over the last year, the firm states. Wells Fargo adds that as pilots move to production, new AI applications will fundamentally drive significantly larger data volumes, which need to be supported by greater data infrastructure, and the firm sees Snowflake as a compelling infrastructure play for those willing to wait on new AI applications to reach scale.
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