CRWV is brushing off its first Wall Street downgrade
CoreWeave Inc (NASDAQ:CRWV) is up 4.2% at $107.02 before the bell, extending its impressive rally since going public in late March. The artificial intelligence (AI) infrastructure firm has surged more than 155% from its initial public offering (IPO) price, even after receiving its first Wall Street downgrade. Barclays cut its rating to “equal weight” from “overweight,” noting long-term optimism but limited short-term upside following the stock’s sharp gains. Still, AI-adjacent names remain in favor, and CoreWeave is no exception.
Barclays did, however, raise its price target to $100 from $70, while MoffettNathanson also issued a hike to $56 from $43. There’s room for more upward revisions too, as the average 12-month price target of $68.71 stands at a steep 35.8% discount to Friday’s close.
CoreWeave stock -- which went live on March 28 -- is now up 177.1% for the quarter, driven by a 146.9% pop in the last month alone. The equity hit an all-time high of $116.50 on May 22 and is fresh off its fourth winning week in five.