Northland analyst Nehal Chokshi raised the firm’s price target on Nebius (NBIS) to $77 from $47 and keeps an Outperform rating on the shares after the company reported Q2 results last Thursday. The firm’s estimate, and it believes the consensus estimate, included Toloka, but the company’s reported $105M figure excludes it, so the firm estimates the “apples to apples” revenue beat was about $15M, or about 17%, the analyst explained. Management had the confidence to increase calendar year 2025 ending ARR guidance to a range of $900M-$1.1B from a range of $750M-$1B, implying incremental ARR is set to further accelerate from the $179M of the June quarter, the analyst added.
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