Why Is Coreweave Stock Rising Premarket?

CoreWeave shares rose 0.3% to $121.70 in premarket trading on Friday, following Loop Capital's start of coverage on the server company's shares with a 'Buy' rating.

The investment research ascribed a price target of $165, implying a roughly 36% upside to the stock's last close. Days earlier, Raymond James initiated coverage on the company with an 'Outperform' rating and a $130 price target.

Currently, nine of the 25 analysts covering the stock have a 'Buy' or higher rating, 13 rate it 'Hold,' and three rate it 'Sell' or 'Strong Sell,' according to Koyfin data. Their average price target is $127.56.

CoreWeave is the largest of a handful of "Neoclouds" that are in real-time being invited into a "Cool Kids Club" by Nvidia (NVDA), the Hyperscalers, and major AI Labs, Loop Capital analysts said in an investor note.

According to its investor note summary, published on the Fly, Loop Capital expects material profitability upside than the consensus estimates and ultimately an enterprise value to expected EBITDA multiple expansion.

On Stocktwits, the retail sentiment remained in the 'bullish' zone, unchanged over the week, with 'normal' message volume.

Earlier this week, CoreWeave's shares rallied after the company disclosed a new agreement with Nvidia, one of its top customers, that provides Nvidia access to "unsold cloud computing capacity."

CoreWeave has also pledged to invest in data center infrastructure in the UK, as part of a $42 billion commitment from major U.S. tech firms, including Nvidia, Microsoft, and OpenAI.

CoreWeave's initial public offering in March has been one of the most successful public listings in the U.S. this year, with its shares climbing over 211% since.

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