CoreWeave falls; Needham downgrades rating to 'hold'
ReutersJul 10, 2025 4:29 PM
Shares of AI data center firm CoreWeave CRWV.O down 3.7% at $147.39
Needham downgrades CRWV's rating to "hold" from "buy"
With CRWV currently trading at 41x Needham's 2026 EBIT estimates, it believes the valuation is full and downgrades stock
Needham believes CRWV's deal to buy crypto miner Core Scientific CORZ.O is a strategic fit and would unlock additional IT capacity for high-performance computing and AI workloads
CRWV said on Monday it would buy CORZ in an all-stock deal valued at about $9 billion, or $20.40 per share
CRWV stock now up ~283% from the $40 price in its March IPO
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