Argus and Citi Raise Snowflake (SNOW) Price Targets on GenAI Demand

Argus and Citi both raised their price targets on Snowflake (NYSE:SNOW) on May 29, 2026, citing the company's critical role in generative AI infrastructure. Argus increased its target to $300 from $250, while Citi raised its target to $320 from $260, both maintaining a Buy rating. These upgrades reflect growing confidence in Snowflake's position as a key enabler of AI workloads, as enterprises increasingly rely on its cloud-based data platform to manage and analyze vast datasets required for training and deploying generative AI models.

Snowflake's data management systems have become essential for enterprises building generative AI agentic applications. Argus described the company as a "picks and shovels" play in the GenAI revolution, while Citi called Snowflake's Q1 report "thesis-changing," noting that revenue acceleration signals success in capturing AI-driven demand. This aligns with a broader trend where companies providing foundational infrastructure for AI, such as data storage and processing, are benefiting from the surge in AI adoption. For traders tracking the stock, NowPrice provides real-time quotes for Snowflake and other tech equities, enabling timely decisions based on market movements.

Investors will watch for continued revenue growth and adoption of Snowflake's platform for AI workloads. Key metrics include customer acquisition rates and consumption trends, which will determine if the upgraded targets are achievable. The broader market will also monitor how other data infrastructure companies fare in the AI boom, as competition intensifies from rivals like Databricks and cloud providers offering similar services. Additionally, any shifts in enterprise AI spending or regulatory developments could impact Snowflake's trajectory, making it a stock to watch closely in the evolving tech landscape.