Evercore ISI raised the firm’s price target on CoreWeave (CRWV) to $150 from $120 and keeps an Outperform rating on the shares. The company this morning announced a $6B expansion with Jane Street, giving Jane access to CoreWeave’s AI compute infrastructure across multiple locations, the analyst tells investors in a research note. Assuming a five-year contract duration, Evercore thinks the deal represents over $1B in annual revenue and 100-120 MW of compute capacity for CoreWeave. The news “confirms the robust/diverse demand backdrop for AI compute infrastructure,” contends Evercore. It cites CoreWeave’s recent positive developments for the target boost.
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Read More on CRWV:
- CoreWeave (CRWV) Gains New Backer as Jane Street Pledges $7B to AI Cloud Platform
- CoreWeave, Jane Street sign $6B AI cloud agreement
- CoreWeave Expands Capital Structure With Major Debt Offerings
- CoreWeave price target raised to $67 from $56 at Bernstein
- CoreWeave price target raised to $105 from $95 at Mizuho