Why is CoreWeave stock rallying today?
CoreWeave's stock surged 5.6% in afternoon trading, reaching $92.24, as bullish analyst calls and sector-wide AI cloud infrastructure gains converged. Rosenblatt Securities analyst John McPeake gave CoreWeave a Wall Street-high $250 price target and a Buy rating, citing the company's ability to capture demand from large organizations deploying AI models and its ability to raise GPU prices.
Truist Securities reiterated its Buy rating with a $165 price target, noting CoreWeave's 37.5% cumulative GPU price hikes since July. Compass Point maintained its $150 Buy target, highlighting the Forge platform's potential to strengthen customer retention. The positive news was amplified by a sympathy trade in the neocloud sector, as peer Nebius surged after announcing a new AI inference deal.
The broader market also contributed to the rally, with the S&P 500 and Nasdaq both gaining 0.7% and 0.6%, respectively. Combined, these factors resulted in CoreWeave surpassing its prior close of $87.39, with shares hitting a session high of $93.21.
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