CoreWeave Stock Drops 6% After Mizuho Downgrades CoreWeave Stock to Neutral
CoreWeave, Inc. fell 6% on Friday.
CoreWeave, Inc. is one of the Top 10 Software and Technology Stocks to Buy Now. Mizuho downgraded the company’s stock to “Neutral” from “Outperform” with a price objective of $150, up from the prior target of $70, as reported by The Fly. The rating change comes after the company’s announcement that it agreed to acquire Core Scientific, combining 2 significant players in the AI infrastructure space.
An engineer wearing virtual reality goggles programming the company's video cloud and software.
The firm sees this acquisition positively, noting that it allows CoreWeave, Inc. to verticalize the infrastructure supply chain while, at the same time, driving significant cost synergies and allowing for more financing flexibility. Mizuho views CoreWeave’s stock as fairly valued at the current levels, with risks around customer concentration. The acquisition accelerates CoreWeave’s strategy to deploy AI and HPC workloads at scale. While this company will gain greater control over a critical power footprint and optionality for future power capacity, Core Scientific’s data center development capabilities tend to complement and augment CoreWeave’s extensive expertise in power procurement, construction, and site management for the infrastructure assets.
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