1 Artificial Intelligence (AI) Stock to Buy Before It Soars 103%, According to a Wall Street Analyst
The S&P 500 (SNPINDEX: ^GSPC) soared by 34% during the past year, and the index currently trades near its record high. However, Keith Weiss at Morgan Stanley still sees plenty of potential upside for Snowflake (NYSE: SNOW) shareholders in the next 12 months. His bull-case target of $330 per share implies an upside of 103% from the current price of $162 per share.
Investors should never rely too heavily on any individual analyst's price target on a company, and even Wall Street's consensus targets should be viewed cautiously. But Snowflake warrants further consideration. Its business sits at the intersection of two secular trends -- artificial intelligence and data analytics -- and shares currently trade at a reasonable valuation relative to its growth prospects.
Snowflake lets businesses ingest, transform, store, and analyze data. Its platform also supports application development and secure data sharing. That last point is important because it creates a network effect that makes the platform increasingly valuable as more clients upload more data. Data sharing also positions Snowflake as a key beneficiary of artificial intelligence (AI), simply because the amount of data available for training machine learning models is a limiting factor in their development.
Source Fool.com
