Brokerages raise PT on Coreweave even as stock slides on heavy spending plan

Shares of Nvidia-backed CoreWeave CRWV.O slide 5.6% to $63.85 premarket after co to spend up to $23 bln this year to tap AI demand boom

But, at least five brokerages raise PT after CRWV reports better-than-expected revenue in first quarterly report since March IPO

Barclays raises PT to $70 from $60, says co's results should convince investors "it is worth doing more work on the name" but expect it will take time to understand the capital intensive model

Morgan Stanley raises PT to $58 from $48, says CoreWeave's large contracts, including $11.9 bln deal with OpenAI, show its strong positioning for an opportunity that could exceed $360 bln in 2028

Bank of America raises PT to $76 from $42, notes CRWV is "well positioned to capitalize on the rapidly growing AI infrastructure industry"

Eight out of 16 analysts rate stock as "buy" or higher, eight "hold"; Median PT is $50.50, as per LSEG data

Stock has surged 69% from the March IPO offer price