BofA raised the firm’s price target on CoreWeave (CRWV) to $76 from $42 and keeps a Buy rating on the shares following what the firm calls “a solid first quarter as a public company.” Some of the 16% revenue upside to the firm’s model came from timing on capital expenditures, which pushed into Q2, but strength was also driven by better consumption, says the analyst, who adds that Q1 was “an impressive quarter for contract signings” with a new $11.9B deal with OpenAI as well as a $4B expansion deal with a large AI enterprise. Q1 results “validate that CoreWeave is well positioned to capitalize on the rapidly growing AI infrastructure industry,” the firm argues.
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