Citi starts ’emerging AI hyperscaler’ Nebius with a Buy

As previously reported, Citi initiated coverage of “emerging AI hyperscaler” Nebius (NBIS) with a Buy rating and $169 price target Citi forecasts tracked AI workloads rising from about 18GW in 2025 to about 110GW by 2030, or a 44% compound annual growth rate, and expects Nebius to outgrow the market by two, scaling to about 5GW of active power by 2030 as it takes rising share in the global AI compute landscape, the analyst tells investors. The firm, models double-digit margins by FY29 and a five-year revenue CAGR of 125%, notes that its FY28 revenue and EBIT margins estimates are 8% and 2% above the Street, respectively.

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