This Magnificent AI Stock Is Taking Off, and It Could Jump 180%, According to Wall Street
Snowflake (NYSE: SNOW) investors had a turbulent May. Shares of the cloud-based data platform specialist were on a roller coaster ride, mainly due to Wall Street's reaction to results for the company's fiscal 2024 first quarter (ended April 30), which were released on May 24.
The stock gave up almost all its monthly gains in a single day as investors were concerned about a slowdown in the company's growth rate. However, Snowflake stock has made a solid recovery since then, gaining over 20% since May 25. More importantly, analysts believe that Snowflake stock has more upside to offer.
The stock carries a Street-high price target of $500, which would translate into gains of 180% from current levels. Some might argue whether Snowflake stock is capable of soaring so high given the weakness in customer spending it reported last quarter on account of macroeconomic headwinds. But a closer look at how artificial intelligence (AI) is capable of supercharging Snowflake's growth will tell us that a terrific rally in this cloud stock cannot be ruled out.
Source Fool.com
