Snowflake’s stock fetches an upgrade as company has ‘very attractive opportunity’ in AI

Stifel’s Brad Reback upgraded shares of the data-software company to buy from hold Sunday, writing that recent disclosures from some relevant software peers bode well for Snowflake SNOW, while the company is also poised to benefit from growing interest in generative artificial intelligence, the type of AI behind ChatGPT.

“We believe that commentary from Microsoft’s management, which implied optimization activity, should begin to abate in coming quarters as customers lap efforts started last summer, in combination with positive commentary,” Reback wrote. Further, Snowflake is in a good position to capitalize on the generative AI craze, he wrote. The company doesn’t develop these models itself, but its platform holds the data required for companies to train the AI models to better fit their needs.

Shares of Snowflake are up about 6% in the past month, though they’re off 3% over a three-month period.

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