Shares of Snowflake surged 5.05% during intraday trading on Thursday, extending earlier gains as the AI data platform sector experienced a broad revaluation. The rally was triggered by competitor Databricks completing a massive $3 billion funding round at a $188 billion valuation, which prompted investors to reassess the value of peers in the space.

Adding to the bullish sentiment, multiple investment banks have recently raised their price targets on Snowflake. UBS lifted its target to $370, RBC Capital Markets raised to $313 while maintaining an Outperform rating, Deutsche Bank moved to $300, and Jefferies kept a Buy rating with a $310 target, noting potential for further upside. The consensus analyst target price now stands around $299.73.

On the product front, Snowflake recently launched its Cortex AI Gateway and several AI security features designed to help enterprises securely scale their agentic AI ecosystems. Built on technology acquired through the company’s May purchase of Natoma, the new offerings address key barriers to AI deployment—security and cost management—further solidifying Snowflake’s competitive position in the enterprise AI landscape.