Snowflake Stock Has Wall Street Raising Its Price Targets Again. Here’s Why.

Snowflake (SNOW) spent years trying to convince investors that its growth slump was temporary. Now Wall Street is starting to believe it. Not only did Snowflake beat estimates in the fiscal second quarter, but growth has also started accelerating again, with AI becoming more integrated with the company's core data platform.

SNOW stock has already climbed 55% year to date, outperforming the Nasdaq Composite’s gain of 18%. And now many analysts have raised their target prices for SNOW stock to as high as $525. So, what changed in Snowflake's business that caused so many analysts to raise their targets?