Snowflake Inc (NYSE:SNOW) shares are trading higher on Monday as traders lean into overall market strength and recent bullish analyst commentary around the company’s AI-driven workload opportunity.
- Snowflake stock is at critical resistance. What’s driving SNOW to record levels?
What’s Driving Snowflake’s Stock Surge?
BTIG analyst Gray Powell maintained Snowflake with a Buy on Monday and raised the price target from $325 to $340. The positive price target revision adds to a flurry of recent analyst changes calling for stronger upside in the name, the most bullish of which came from Wells Fargo last week.
Wells Fargo maintained an Overweight rating and lifted the price target to $500 from $320, calling Snowflake a "near-term AI beneficiary" that can capture AI-driven workload growth without heavy capex or dependence on any single model. Analyst Ryan MacWilliams also argued that AI agents are pushing higher platform spend and that the "SaaSocalypse" disruption narrative has been backward.
MacWilliams framed the move as roughly 85% upside, writing that "the game has changed" as AI becomes a primary growth engine. He also pointed to valuation comps like Cloudflare at 204x and CrowdStrike at 139x earnings multiples, reinforcing why investors are willing to pay up for perceived AI winners.
Customer tone is part of the setup, with second-quarter concerns easing as AI coding tools and agents gained traction and a survey indicating AI is increasing spend via higher usage and more data uploads for integration. That dynamic matters because Snowflake’s consumption model can translate incremental AI experimentation into measurable platform dollars.
The stock carries a consensus Buy rating among analysts. Other recent analyst changes include a Buy rating from Jefferies and price target increase to $310 from $300, as well as price target increases to $313 and $325 from RBC Capital and KeyBanc, respectively.
SNOW Stock Price Movement on Monday
SNOW Stock Price Activity: Snowflake shares were up 7.09% at $314.07 at the time of publication on Monday, according to Benzinga Pro data.
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