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.

Last week, data company Snowflake (NYSE: SNOW) reported financial results for its fiscal third quarter of 2025. This morning, Wedbush analyst Dan Ives published a report stating that artificial intelligence (AI) is starting to revolutionize the software space and noted that Snowflake is a big beneficiary,