Snowflake (SNOW) Is Up 50%—Is the Stock Still a Buy?

The rapid adoption of artificial intelligence is driving demand for larger and increasingly sophisticated data workloads. At the same time, rising enterprise data volumes are creating significant opportunities for Snowflake Inc. (NYSE:SNOW). On September 28, Phillip Securities initiated coverage with a Buy rating and a $423 price target. The research firm said Snowflake is well positioned to capitalize on the expanding global data lake market, expected to be worth $45.8 billion by 2030. The sentiment comes as growth in generative AI fuels the need for companies to store, process, and analyze large amounts of data. The company is already positioning its AI data cloud as a layer where companies can store, govern, and analyze huge troves of data.