Canaccord Genuity raised its price target for Snowflake (NYSE:SNOW) to $450 from $325. The firm reiterated a "Buy" rating on the stock. The new target offers potential upside from the data-management company's recent trading levels.
Canaccord Genuity cites Snowflake's strong performance over the past two quarters. The firm also views Snowflake as a key beneficiary of artificial intelligence spending. Analysts state the company's consumption-based model is in early stages of monetizing its AI capabilities. This signals a strong outlook for future growth.