Wells upgrades CoreWeave with demand ‘too strong to ignore’

Wells Fargo upgraded CoreWeave (CRWV) to Overweight from Equal Weight with a price target of $170, up from $105. The company is positioned to benefit from the elevated build cycle and hyperscaler industry shortages into 2026, the analyst tells investors in a research note. Wells believes supply constraints continue, with hyperscaler shortages continuing through early 2026, creating potential for CoreWeave to win market share. In addition, Nvidia’s (NVDA) recent backstop to buy all unused capacity through 2032 gives CoreWeave a “blank check” to build out new capacity for six years, contends the firm. Wells says CoreWeave’s demand signals are growing and “too strong to ignore.”