10 Stocks That Became Analyst Favorites This Week

1. Snowflake Inc. (NYSE:SNOW)

Snowflake provides a cloud-based platform that helps in data processing and warehousing while streamlining and simplifying workflows in various industries. The company’s price target was raised from $190 to $210 by Wedbush Securities.

Snowflake will continue to be a beneficiary of the AI spending boom, which is now further strengthened by Donald Trump’s focus on investing more in the sector. Analysts believe the company will gain market share this year in a market that could be as big as $2.3 trillion in 10 years from now.

The stock is down 50% from its all-time highs hit 3 years ago. As a stock that could benefit from increased AI spending by other companies, there is a lot of value to be had at these levels.

Snowflake is not on our latest list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held SNOW at the end of the third quarter which was 69 in the previous quarter. While we acknowledge the potential of SNOW as a leading AI investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as SNOW but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article was originally published at Insider Monkey.