Arete this morning initiated coverage of Nebius Group (NBIS) with a Buy rating and $84 price target and CoreWeave (CRWV) with a Neutral rating and $130 price target. The firm prefers Nebius to CoreWeave saying the stock’s embedded neo-cloud valuation is low. The direction of the stocks will depend on whether or not investors think there’s a shortage of graphics processing units, the analyst tells investors in a research note. Arete says CoreWeave is a purer play on artificial intelligence, with its thin float possibly exaggerating the bullish consensus around AI. Shares of Nebius are up 6%, or $2.26, to $41.65 in premarket trading while CoreWeave is down 3% to $158.25.
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