Nvidia-backed cloud company CoreWeave is grabbing the attention of several analysts, with some making bullish calls. On the first day of trading this month, the stock soared almost 42% above its initial public offering following an underwhelming start with its trading debut. CoreWeave officially debuted on the Nasdaq in late March, closing flat on its first trading day. Since making its debut, CoreWeave shares have struggled. In the past week alone, the stock has fallen more than 13% compared to the S & P 500’s loss of more than 4%. It has fared a bit better than the broader market this month, posting a month-to-date loss of more than 4%. That’s nearly half the S & P 500’s drop of just over 8%. Shares were more than 2% higher in the premarket Tuesday after a number of analysts initiated coverage on the stock. Here’s what a few of them had to say. Barclays: rated overweight with a $48 price target Analyst Raimo Lenschow’s target implies more than 35% upside from Monday’s close. “We see a large TAM (~$399bn for Training and Inference) and the very large growth rates for CRWV (68% revenue CAGR between 2024-2027) as evidence of this exciting opportunity. As with all new market segments (remember the Facebook IPO), there are many aspects (large depreciation numbers due to high Capex, debt financing of new projects) that are new to Tech investors, and as a result will take time to get comfortable with. However, we think the time to market advantage and close relationship with Nvidia (covered by Tom O’Malley) will enable CoreWeave to be a successful player in this space, and see current levels as an attractive entry point.” JPMorgan: rated overweight with a $43 price target Analyst Mark Murphy’s target reflects more than 21% upside ahead. “There could be a wide range of outcomes for CoreWeave. For this reason, we expect the stock to provide a wild, lumpy, volatile ride, requiring a risk tolerance that may not exist for most investors. If we end up with heightened economic volatility, CRWV shares would probably suffer disproportionately due to risk-off positioning. However, our sense is that investors are pricing in the glass-half-empty view more than the other view, represented by a 16x EV/CY26E PF EBIT multiple for a company projected to grow 140% in the expansive AI market.” Goldman Sachs: rated neutral with a $54 price target Analyst Kash Rangan’s target calls for more than 52% upside from here. “CoreWeave is indexed towards the current overhangs of the…
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