Truist Remains Bullish on Snowflake and Tyler Tech Stocks

Truist Securities reiterated bullish calls on both Snowflake and Tyler Technologies (TYL) this week, maintaining Buy ratings on each. On SNOW, Truist raised its price target to $300 (from $275) on June 4 after Snowflake Summit 2026, citing evidence that CoCo (Cortex AI Orchestration) tools are accelerating workload creation and database migrations — and that Snowflake is gaining traction as a governance and orchestration layer for enterprise AI pipelines. SNOW currently trades near $232, implying ~29% upside to Truist's target.

The TYL call is more contrarian. Tyler Technologies has dropped roughly 55% from its 2024 peak and now trades around $279, well below Truist's $440 price target. Truist's continued Buy rating rests on Tyler's dominant position in government software — the company serves thousands of U.S. state and local government agencies with mission-critical courts, tax, and public safety systems — and a revised long-term SaaS growth target of ~20%, which management set at its most recent investor day. The firm also noted a cautious Hold on Best Buy (BBY) in the same note, citing CEO transition uncertainty and weak discretionary electronics demand.

Separately, Truist held a cautious stance on BBY (Hold), citing CEO transition uncertainty and a soft demand environment for big-ticket consumer electronics. The contrast underscores Truist's preference for mission-critical software platforms with sticky recurring revenue over consumer-facing cyclicals exposed to discretionary spending headwinds.