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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SoFi CEO Noto scooped up more stock as it sold off after earningsSoFi Technologies Inc. Chief Executive Anthony Noto bought up more stock as it sold off in the wake of the company's most recent earnings report.
Source: MarketWatch - 🏆 3. / 97 Read more »

Just 5 stocks make up the lion's share of Warren Buffett's equity portfolio. Here’s what they areCNBC Pro subscribers can see the list of his biggest stock holdings.
Source: CNBC - 🏆 12. / 72 Read more »