Wells Fargo analyst Ryan MacWilliams lowered the firm’s price target on Snowflake (SNOW) to $210 from $290 and keeps an Overweight rating on the shares. The firm believes the company has one of the best opportunities to capture AI usage in software. Cortex Code is an unlock for both migrations and non-technical users, and this larger TAM can drive more query volume. Core business is strong and additional AI upside is worth waiting for, Wells adds.
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