Silicon Valley-based Snowflake is “in the sweet spot” to benefit from wider use of AI among businesses over the next 12 to 18 months, according to Wedbush analyst Dan Ives.

Shares of Snowflake ( SNOW) gained about 3% Monday afternoon as Wedbush upgraded the stock, saying the cloud software provider is in the "sweet spot" to benefit from the booming demand for artificial intelligence (AI) products. The bank raised its rating on the stock to "outperform" from "neutral." It has a new price target of $190.

For the full year, Snowflake expects its product revenue (which accounts for most of its top line) to rise 29%. That's higher than its previous outlook for 26% growth, but it would still represent its slowest annual growth rate since its initial public offering (IPO) in 2020. Image source: Getty Images.

Snowflake Inc.'s stock is rising 3% in premarket trading on Monday after Wedbush analyst Daniel Ives upgraded the AI software maker to outperform from neutral. “Now its time for the broader software space to get in on the AI Party as we believe the use cases are exploding,

Snowflake stock rallied today on a solid quarter and impressive guidance. Goldman Sachs analyst Kash Rangan sees upside in SNOW to $220.

Wedbush Securities analyst Daniel Ives has significantly increased his optimism on the next phase of the AI revolution, focusing on its transformative impact on the software sector. The analyst projects a monumental shift driven by generative AI adoption,

Snowflake (SNOW) and Elastic (ESTC) were in focus on Monday as Wedbush Securities upgraded the software companies. Read for more.