Barclays hikes CoreWeave's PT to Street high; stock climbs

Shares of Nvidia-backed CoreWeave CRWV.O up 4.2% to $106.8 premarket

Barclays raises co’s PT to $100 from $70, the highest among 18 analysts covering the stock

We continue to like the role Coreweave is playing in the new GenAI world, says brokerage

Last week, Aston Martin Aramco announced Coreweave as official AI cloud computing partner

However, brokerage downgrades co to "equal weight" from "overweight" on concerns over high valuation and absence of near-term growth catalysts, despite strong business momentum

"We see valuation at levels that could be stretched to move higher off fundamentals in the near term," says Barclays

As of last close, CRWV had doubled from its March IPO price

Analysts' average rating is equivalent of "hold"; median PT is $70 - data compiled by LSEG