10 AI News You Shouldn’t Miss

4. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 69

Snowflake Inc. (NYSE:SNOW) is an American cloud-based data storage company that develops database architecture, data warehouses, query optimization, and parallelization solutions. The company is benefiting from the AI growth wave as data warehouses are a critical component in making AI useful for enterprises.

Monness, Crespi, Hardt & Co., Inc. analyst Brian White upgraded Snowflake Inc. (NYSE:SNOW) to “Buy” from Neutral and set a price target of $140.  The upgrade follows a challenging year that Snowflake has had, with a 41% drop in stock value year-to-date and a 73% decline from its high in late 2020. The analysts view the current valuation as an opportunity, especially with the company’s increased pace of innovation. The firm said Snowflake is well-positioned for AI.

“Unsurprising to us, the gen AI propaganda of 2023 has proven to be a revenue illusion for the software complex in 2024; however, we believe the industry, and Snowflake, will begin to derive incremental activity from this long-term secular trend over the next 12-18 months.”