Wedbush Sees Snowflake Entering Next Phase of AI Growth

Snowflake SNOW is getting a fresh wave of Wall Street love as its AI momentum builds. Wedbush said Monday that the company's go-to-market strategy is paying off, with more enterprises tapping its cloud data platform to power artificial intelligence use cases. Roughly half of Snowflake's new customers now use its tools for AI projects, and about 25% rely on them weekly.

Analyst Daniel Ives called Snowflake in the early innings of capturing AI demand and lifted his price target to $270 from $250, maintaining an Outperform rating. He noted that Snowflake's data enginewhere analytical and transactional capabilities meet is becoming central to its long-term growth story.

Wedbush also highlighted Snowflake's new partnership with Palantir PLTR, which links its Data Cloud with Palantir's Foundry and AIP platforms to help clients deploy AI faster. The stock edged up 1.4% Monday morning as investors bought into the expanding AI narrative.