Snowflake has had a rough stretch. The stock is down 21.92% year-to-date and has lost nearly 6% over the past year, according to Yahoo Finance. That’s a stark contrast to a broader market that has pushed higher and an AI software sector that has minted new winners almost weekly. But Bank of America is not walking away.

BofA Securities raised its price target on Snowflake (SNOW) in a note shared with TheStreet, maintaining a Buy rating ahead of the company’s May 27 earnings report. At $171.27, that target implies roughly 20% upside from current levels.

The bank’s message is pointed: the AI business intelligence opportunity Snowflake is competing for is growing fast enough that the stock’s year-to-date underperformance looks…