CoreWeave reverses course on $4 bln deal with OpenAI, brokerages raise PT
Shares of Nvidia-backed CoreWeave CRWV.O reverse course, last up 4.6% to $70.56 after co signs new $4 bln deal with OpenAI
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 expects it will take time to understand the capital-intensive model
Morgan Stanley raises PT to $58 from $48, says CoreWeave's large contracts, including a $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"
8 out of 16 analysts rate stock as "buy" or higher, 8 "hold"; Median PT is $50.50, as per LSEG data
As of last close, stock has surged 69% from the March IPO offer price
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