Wedbush Securities has raised its price target on Snowflake Inc. ( SNOW ) to $280 from $270, maintaining an outperform rating on the data cloud enterprise. The adjustment signals roughly 10% upside from its current level as enterprise software shifts into a critical phase of artificial intelligence (AI) monetization.

The Shift To Software Monetization

Speaking to CNBC, Dan Ives, global head of tech research at Wedbush, said the broader AI market has moved beyond semiconductor hardware into the crucial infrastructure layer.

Following robust cloud utilization data, Ives emphasizes that data integration is proving to be the primary engine for software enterprise growth. "What it's showing you is the data layer is now the monetization. It's not just chips. It's gone to the data layer," Ives stated.

This transformation cements Snowflake's underlying infrastructure as an essential enterprise resource. Ives directly countered ongoing market skepticism regarding software obsolescence, describing data warehousing and cloud repository systems as the ultimate proprietary asset. “That data layer like that is the new oil, the new gold, that’s the moat,” he noted.

Smashing The ‘AI Goose’ Narrative

The target upgrade arrives as enterprise tech challenges Wall Street's “AI goose trade”—the market narrative asserting that pure-play foundational AI models would completely disrupt and eliminate legacy software platforms.

Ives contends that large-scale data enterprise platforms possess irreplaceable distribution networks that defend them against tech disintermediation. "Data infrastructure install base is key," Ives explained, adding that despite fears, established players are holding their ground.

Looking Ahead

Wedbush views the current technology cycle as the preface to a massive multi-year enterprise build-out, projecting $4 trillion in global AI spending over the coming years.

With under 5% of U.S. enterprises currently deployed on mature AI pathways, Snowflake's data layer is positioned to benefit from a structural multi-year tailwind.

For investors assessing the cloud software landscape, Wedbush’s target lift underscores Snowflake’s role as a core beneficiary of secular tech spending.

How Has SNOW Performed In 2026?

In comparison with the Nasdaq Composite’s 16.08% year-to-date advance, shares of SNOW have declined by 16.50% over the same period. It closed 6.84% higher at $255.55 apiece on Friday, and it was up 1.95% in premarket on Monday.

Over the last month, SNOW stock was up 80.96%, and it rose 1.72% and 26.32% over the last six months and the year, respectively. Benzinga’s Edge Stock Rankings indicate that SNOW maintains a strong price trend in the long, medium, and short terms.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.