CoreWeave Surges As Microsoft, OpenAI Deals Fuel Revenue Spike, Wall Street Boost
Wall Street analysts raised their price targets on CoreWeave Inc (NASDAQ:CRWV).JPMorgan analyst Mark Murphy maintained CoreWeave with an Overweight and raised the price target from $43 to $66 on Thursday.Needham analyst Mike Cikos reiterated CoreWeave with a Buy and raised the price target from $55 to $78 on Friday.Also Read: CoreWeave Garners Praise Due To AI Growth, Nvidia PartnershipJPMorgan: CoreWeave debuted its first quarter as a public company with a beat-and-raise on total revenue, a rare pattern in the current earnings cycle.On Wednesday, CoreWeave reported first-quarter revenue of $981.63 million, beating analyst estimates of $859.77 million. The company reported a first-quarter adjusted loss of $1.49 per share.Murphy noted a lot to appreciate in the fiscal first-quarter earnings results, including a new hyperscaler customer — Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google — and another large $4 billion slug of business booked at some point during the second quarter with OpenAI, both of which might have been added in the second quarter. However, the timing of the former was not entirely precise in the earnings call, and the pattern of incremental CapEx outlays was not specified. The need for incremental debt financing is triggered by large deal ...Full story available on Benzinga.com
