Wolfe Research analyst Arsenije Matovic initiated coverage of Nebius (NBIS) with a Peer Perform rating and no price target. The firm views the demand story as proven and de-risked, citing the company’s Microsoft (MSFT) and (META) deals, but is cautious on execution and financing planned projects, which it thinks still needs to be demonstrated. The firm sees a fair value range of $80-$170 for Nebius shares.
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