Barclays raised the firm’s price target on CoreWeave (CRWV) to $70 from $60 and keeps an Overweight rating on the shares following the Q1 report. The 14% revenue beat and 420% year-over-year revenue growth at scale for CoreWeave shows the power of the new generative artificial intelligence businesses, the analyst tells investors in a research note. The firm says it will take investors “time to fully get comfortable with the different nuances” like the OpenAI contract not yet fully in remaining performance obligation, or the big spending ramp in the second half of the year. “However, we remain excited,” contends Barclays.
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