If you think artificial intelligence (AI) is all sizzle and no steak, think again. AI is already transforming businesses. And it's already making some investors quite wealthy.

The right AI investments could make you plenty of money, too. But which stocks are great picks right now? Wall Street analysts have some ideas you might want to check out. Here are three AI stocks that analysts think could soar more than 40% over the next 12 months.

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1. Atlassian

Financial data and infrastructure provider LSEG surveyed 31 analysts in August who cover team collaboration and productivity software company Atlassian (TEAM -1.54%). Twenty-five of them rated the stock as either a "buy" or a "strong buy." The remaining six analysts recommended holding shares of the software company.

What's even more striking is their expectations of how the stock will perform. The average 12-month price target for Atlassian reflects an upside potential of around 60%. Even the most pessimistic analyst thinks the stock could jump 23% over the next 12 months.

Atlassian certainly needs a strong rebound. The stock has plunged roughly 30% year to date and is almost 50% below the 52-week high set in February. Several factors caused this steep decline, including disappointing quarterly results earlier this year and insider selling.

However, Atlassian's business remains strong. The company's revenue jumped 22% year over year in its latest quarter to nearly $1.4 billion. CEO and co-founder Mike Cannon-Brookes noted in the quarterly update, "AI is fundamentally changing the way we work, and creating significant tailwinds for Atlassian in the process."

2. Salesforce

Sentiment on Wall Street is also remarkably strong for Salesforce (CRM -0.29%). Of the 54 analysts LSEG surveyed in August, 42 rated the software stock as a "buy" or "strong buy." Ten analysts recommended holding Salesforce, with one outlier thinking investors should sell the stock.

Salesforce could have a lot of room to run. The consensus 12-month price target for the stock is 45% above the current share price. One especially bullish analyst thinks Salesforce could skyrocket more than 80% higher.

Like Atlassian, though, Salesforce hasn't been a winner so far in 2025. Its stock is down almost 30% year to date. Some analysts are skeptical about the company's planned acquisition of data management provider Informatica for $8 billion.

Salesforce, though, views the Informatica deal as a smart move to bolster its agentic AI strategy. While the company awaits the closing of the transaction, it recently launched Agentforce 3, a platform that helps organizations deploy AI agents at scale.

3. Adobe

Wall Street is upbeat about Adobe's (ADBE 0.84%) prospects, too. Twenty-seven of the 40 analysts surveyed by LSEG in August rated the AI-powered software stock as a "buy" or a "strong buy." Of the remaining analysts, 11 recommended holding Adobe, with two rating the stock as an "underperform."

The average 12-month price target for Adobe reflects an upside potential of around 42%. One analyst, though, thinks the stock could soar nearly 79% higher over the next 12 months.

It's pretty much the same song but a different verse when it comes to Adobe's stock performance this year. Similar to Atlassian and Salesforce, Adobe has disappointed investors with its shares sinking more than 20%. The stock is more than 40% below its 52-week high set in September 2024.

Some investors are concerned that Adobe's integration of generative AI into its suite of products could take longer than hoped to deliver a solid return on investment. Increasing competition is also seen as a threat.

On a positive note, though, Adobe reported record revenue in Q2 of $5.87 billion, up 11% year over year. And while there's some hesitance outside the company about its AI integration, customers seem to like what Adobe has done so far. CEO Shantanu Narayen noted in the Q2 earnings call, "The creative opportunity is expanding across audiences with AI as an accelerant."