'Initial Wave Of AI Software Growth' To Spur Microsoft, Salesforce, Palantir, MongoDB, Oracle, Snowflake, And Elastic, Says Analyst
Portfolio Pulse from Surbhi Jain
Wedbush Securities analyst Daniel Ives predicts a significant increase in IT spending on AI technologies, estimating 8%-10% of IT budgets in 2024, up from less than 1% in 2023. This surge is expected to benefit major tech companies like Microsoft, Salesforce, Palantir, MongoDB, Oracle, Snowflake, and Elastic, with Microsoft and MongoDB receiving Outperform ratings and high price targets, while Snowflake has a Neutral rating.
April 15, 2024 | 1:04 pm
News sentiment analysis
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NEUTRAL IMPACT
Snowflake holds a Neutral rating and a $210 price target, reflecting a cautious outlook on its AI market potential.
The Neutral rating and moderate price target suggest uncertainty about Snowflake's ability to fully capitalize on the AI-driven market growth.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
MongoDB receives an Outperform rating and a $475 price target, indicating strong growth potential in the AI market.
The innovative database platform of MongoDB and its alignment with AI growth trends underscore its potential for substantial appreciation.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 85
POSITIVE IMPACT
Microsoft is highlighted as a prime beneficiary of the AI software growth, with an Outperform rating and a $500 price target from Wedbush.
Microsoft's strong positioning in the AI market and the high price target suggest significant growth potential, likely boosting investor confidence.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90