Snowflake Stock Rises as Wedbush Notes AI 'Sweet Spot' in Upgrade [Yahoo! Finance]
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Source: Yahoo! Finance
Wedbush said Snowflake was in the "sweet spot" to benefit from AI product demand. The analysts added that it was time for the broader software sector to "get in on the AI party." Shares of Snowflake ( SNOW ) gained about 3% Monday afternoon as Wedbush upgraded the stock, saying the cloud software provider is in the "sweet spot" to benefit from the booming demand for artificial intelligence (AI) products. The bank raised its rating on the stock to "outperform" from "neutral." It has a new price target of $190. Wedbush argued that "the AI Software era is now here in our view." The analysts wrote that the first big phase of AI was driven by big players, including Microsoft ( MSFT ), Amazon ( AMZN ), and Alphabet's ( GOOGL ) Google. They said now it's "time for the broader software space to get in on the AI Party." The analysts explained that Snowflake's "optimization" phase is over, and it continues to show strong improvement in quarter-over-quarter dollars "added for Product
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