Gotrade News – Wall Street analysts reset price targets across software sectors as AI consumption data reshapes growth assumptions. This week, the biggest voices from big brokers were Snowflake, Salesforce, and MongoDB.
The wave of price changes reflects stronger AI workload signals that collide with mixed short-term guidance from enterprise software incumbents. Investors are now weighing the acceleration in consumption against the softening outlook for the second quarter.
Important points
- Oppenheimer raised his price target on Snowflake to $295 based on momentum from the introduction of the Cortex code.
- KeyBanc cut Salesforce to $290 but maintained Overweight ahead of an increase in Agentforce.
- UBS hikes MongoDB to $350 as Atlas positions itself as backend for AI agents.
Analyst price target wave
According to Insider Monkey, Oppenheimer raised the price target on Snowflake (SNOW) from $250 to $295. The broker maintained its Outperform rating and pointed to accelerated adoption of Cortex code as a key driver.
Cortex Code had over 7,100 accounts in its first quarter on the market. Oppenheimer said the launch is already driving consumption across its existing company base.
Snowflake’s first-quarter product revenue increased 33.9% year-over-year, comfortably beating consensus. The company also strengthened its data cloud roadmap with a five-year, $6 billion AWS partnership.
According to Insider Monkey, KeyBanc analyst Jackson Ader discounted Salesforce (CRM) from $300 to $290. He maintained an Overweight rating despite moderate second-quarter guidance from management.
Salesforce still beat expectations for the first quarter, with revenue of $11.13 billion versus an estimated $11.05 billion. Earnings came to $3.88 per share, well above the consensus estimate of $3.12.
Adel said the result was acceptable, noting that the second half was stronger. He cited the construction of the Agentforce, Data Cloud, and Slack pipelines as catalysts for new acceleration.
What it means for SaaS multiples
UBS raised its rating on MongoDB (MDB) from $275 to $350, keeping it neutral. The broker noted that Atlas consumption and AI-driven workloads are rapidly reaccelerating.
According to Insider Monkey, MongoDB’s fiscal 2027 first quarter revenue increased 25% to $687.6 million. Subscription revenue increased 25% across the installed base to $666.1 million.
Remaining performance obligations increased 88% to $1.46 billion, indicating a thicker pipeline of multi-year contracts. UBS framed the backlog as evidence that AI builders are committed to Atlas for the long term.
The recently expanded LangChain partnership establishes Atlas as the preferred backend for AI agent applications. UBS said this position could worsen further through the next corporate budget cycle.
For investors, the three calls show how analysts are separating durable AI consumption winners from cyclically soft SaaS incumbents. While Snowflake and MongoDB lead the story, Salesforce is dealing with the noise of short-term guidance.
The wave of price revisions suggests that SaaS stock prices may remain polarized throughout the year. While companies with clear AI consumption telemetry are aiming high, broader application vendors are facing greater scrutiny.
