H.C. Wainwright upgrades CoreWeave stock rating to Buy with $180 target

Investing.com - H.C. Wainwright upgraded CoreWeave (NASDAQ:CRWV) from Neutral to Buy on Thursday, setting a price target of $180.00. Currently trading at $91.52, the stock has shown significant volatility, with a 52-week range of $33.52 to $187.00. According to InvestingPro data, CoreWeave appears fairly valued based on its comprehensive Fair Value analysis.

The upgrade comes despite recent selling pressure that H.C. Wainwright attributes to possible early investor liquidation following lockup expiration, rather than fundamental concerns about the company’s performance.

CoreWeave recently raised its fiscal year 2025 revenue guidance during its August 12 earnings call, increasing the expected range to $5.15-5.35 billion from the previous $4.9-5.1 billion forecast provided on May 14, representing a 5% increase at the midpoint.

The research firm views CoreWeave as "a leader in perhaps one of the most influential technology adoption cycles of our time," referring to the company’s position in the neocloud space.

The $180 price target represents a return to CoreWeave’s recent June high, from which the stock quickly retreated, according to H.C. Wainwright’s analysis.

In other recent news, CoreWeave has seen several significant developments. Jane Street Group disclosed a 5.4% stake in CoreWeave, making it the fourth largest shareholder. MoffettNathanson raised its price target for CoreWeave to $65 from $56, citing forecast changes and a higher enterprise value to operating income multiple for 2029 estimates. Meanwhile, JPMorgan, Goldman Sachs, and Morgan Stanley (NYSE:MS) sold substantial blocks of CoreWeave shares, with trades occurring around the $90 to $97 range. HSBC reiterated its Reduce rating on CoreWeave, maintaining a $32 price target and expressing concerns about future margin performance, noting that its non-GAAP EPS estimates are significantly below consensus expectations. In other company news, Core Scientific’s revenue missed expectations due to a strategic wind-down of Bitcoin mining operations, although its high-performance computing business contributed to earnings beats. Macquarie maintained a Neutral rating on Core Scientific with a $15 price target. These recent developments provide investors with a range of perspectives on CoreWeave’s current position and future prospects.

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