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Wells Fargo Boosts CoreWeave Target on AI Deals

Wells Fargo Securities has upgraded CoreWeave to 'overweight' and raised its 12-month price target to $135, anticipating significant future growth. The bank's positive outlook is based on CoreWeave's substantial deal flow with major AI companies, including OpenAI, Meta, and Perplexity. Analysts are particularly focused on receiving positive updates regarding deployment timelines and unit economics during the upcoming earnings report. The firm estimates the company's current backlog value to be over $90 billion. Overall, the analyst consensus remains strongly positive, with many recommending the stock purchase.

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Wells Fargo Boosts CoreWeave Target on AI Deals

Wells Fargo Securities has upgraded its rating and raised the 12-month price target for CoreWeave, citing the company's significant deals with major AI players like OpenAI and Perplexity. The investment bank remains bullish, expecting positive updates on deployment timelines and unit economics during the upcoming earnings report.

Wells Fargo's Analysis and Price Target Increase

Wells Fargo rates CoreWeave, a provider of computing power, particularly Nvidia GPUs, as 'overweight.' Key actions from the bank include:

  • Price Target Raise: The 12-month price target was increased from $125 to $135.
  • Implied Upside: This adjustment suggests a potential upside of 28% from the stock's closing price on the day of the report.

Key Catalysts for Stock Performance

Analysts anticipate that the company's stock performance will be bolstered by updates regarding its major contracts and operational efficiency. According to the report, investors are looking for:

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  • Constructive updates on delivery timelines, specifically concerning OpenAI.
  • Positive insights into the company's unit economics.

Deal Flow and Backlog Valuation

CoreWeave has secured substantial agreements, which are viewed as major drivers for future revenue. Public data indicates:

  • The company secured at least $63.9 billion in deals during the first quarter of 2026.
  • These deals include multi-year partnerships with Perplexity and OpenAI.
  • Wells Fargo estimates the total value of the current backlog to exceed $90 billion.

Analyst Consensus and Earnings Expectations

The analyst community maintains a positive outlook on CoreWeave, though expectations for the next earnings report are becoming more tempered.

  • Analyst Coverage: Out of 36 Wall Street analysts covering the stock, 23 recommend a 'buy' or 'strong buy.'
  • Revenue Guidance: Analysts suggest investors are anticipating revenues slightly above the high end of the first-quarter guidance, targeting the $1.9–$2.0 billion range.
  • Market Performance: The stock has shown significant recent gains, rising 41% over the past month and 146% over the last year.
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