Snowflake price target 300raised by dollars; retail investors continue buying memory stocks

Bank of America (BofA) raised its price target for Snowflake to 300dollars. BofA said that although Snowflake shares have surged 36% recently, there is still room for further gains as its AI-related business expands. The report was published on 28 (local time).

BofA said, “Snowflake’s results support the long-term optimism that it is expanding its market share in the AI-powered business intelligence market.” Snowflake’s revenue for the 1quarter this year rose 33% year over year, and its results exceeded market expectations. The company emphasized the expansion of AI-related products and services.

JPMorgan said individual investors are flocking to memory chip stocks. The report found few signs of individual investors taking profits. It said there was little evidence of broad-based profit-taking even though Micron and SK hynix had surpassed a market capitalization of 1trillion dollars.

JPMorgan identified memory semiconductors as a key resource for the AI industry. The report explained that demand for high-performance memory, which stores and processes data, is surging as AI shifts from a training-centered phase to an inference-centered phase. The report said this demand is linked to investment flows in related stocks.

The two reports 28were released on (local time), with analyses by BofA and JPMorgan made public, respectively. The major companies mentioned in the article are Snowflake, Micron, and SK hynix.