8 Stocks That Could 10X Over the Next 3 Years

3. Snowflake Inc. (NYSE:SNOW)

Analyst Upside as of November 18, 2024: 34%

Snowflake Inc. (NYSE:SNOW) is a leading AI data cloud company in the United States. The company has more than 10,200 global customers that use its data storage, processing, and analytics products. Its AI data cloud is used by various companies including Adobe, AT&T, HP, Mastercard, PepsiCo, Nielsen, Siemens, Yamaha, and US Foods, to name a few.

Snowflake Inc. (NYSE:SNOW) launched its enterprise AI to more users earlier this year. The new enterprise AI unlocks advanced chat experiences, allowing organizations to develop chatbots within a few minutes. In October, the company partnered with ServiceNow, an AI platform for business transformation. The two companies came together to connect enterprise-wide data to solve mission-critical problems at scale.

More recently, on November 12, Snowflake Inc. (NYSE:SNOW) unveiled Snowflake Intelligence, a new and improved platform that helps enterprises acquire data-driven answers from enterprise data. On the same day, the company announced an approach that brings transactional and analytical data under the same roof using Unistore. Unistore is a platform that is backed by Hybrid Tables. It can support transactional workloads with consistent security and governance of data.

For the full fiscal year 2025, Snowflake Inc. (NYSE:SNOW) expects product revenue to reach $3.36 billion, representing a growth rate of 26%. Overall, Snowflake Inc. (NYSE:SNOW) is one of the stocks that could 10x over the next 3 years as it is transitioning to becoming a company fully backed by AI. Analysts are also bullish on the stock and their median price target represents an upside of 34% from current levels.