Shares of Snowflake (NYSE: SNOW) jumped on Wednesday, rising about 3.9%. The tech stock's gain builds on its strong momentum over the last 30 days. Shares have increased a total of about 28% during this period. The data cloud company's stock has benefited from a slew of recent announcements, with several of those announcements being related to the hyped-up artificial intelligence space. In addition, the company reaffirmed its long-term product-revenue target at a presentation for investors on Tuesday.

Snowflake's recent product innovation and management's confidence during the company's investor presentation left many analysts impressed, leading a handful of them to raise their price targets for the tech stock. Among the most bullish analyst upgrades was a target for shares to rise to $235 within 12 months.

Let's take a closer look at why analysts are so bullish.

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Source Fool.com