CoreWeave price target raised to $66 from $43 at JPMorgan

JPMorgan raised the firm’s price target on CoreWeave (CRWV) to $66 from $43 and keeps an Overweight rating on the shares. 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,” the analyst tells investors in a research note. The firm sees “a lot to appreciate” in the earnings results, including a new hyperscaler customer, Google, and another large $4B order of business booked at some point during Q2 with OpenAI. JPMorgan says the “main curveball” for the earnings report is the fact that the first OpenAI contract, worth up to $11.9B and announced back in March, did not yet meet the criteria for inclusion into CoreWeave’s remaining performance obligation balance.