Snowflake (SNOW) is well-positioned to take advantage of rising demand for artificial intelligence applications and could exceed most forecasts as clients increasingly rely on AI, analysts at Oppenheimer said Monday in a new research note.
New products and increasing AI consumption has potential to expand the company's total addressable market as it looks beyond its traditional base in data-warehousing.
Oppenheimer analysts Ittai Kidron and George Iwanyc said Snowflake remains one of their top picks for the new year, reflecting expectations the company's guidance for fiscal 2026 will be inline to slightly above consensus estimates and with "good potential for upward revisions as the year unfolds."
They also see momentum building from core data-warehousing business and gains from new products such as Snowpark and Dynamic Tables applications. Snowflake's Cortex-managed AI service also could be a catalyst for significant growth given its independence with large language models, which they said "incentivizes" customers to build their apps using the Snowflake platform.
Kidron and Iwanyc had an outperform rating for Snowflake, while increasing price target to $200 from $180.
Price: 162.17, Change: -0.29, Percent Change: -0.18
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