Merlin acusa en el Ibex el 'efecto CoreWaeave'

Merlin Properties has experienced a 25% decline in stock price over the past four months, with shares falling from over 15.60 euros in June to 11.66 euros at the start of the trading day on Monday. This correction is mainly attributed to the company's growing exposure to the technology sector, particularly to CoreWeave, a specialist in data centers and a key player in the artificial intelligence (AI) industry.

CoreWeave, which has become one of the most closely watched companies by the market as an indicator of the financial health of the AI-related sector, saw its stock drop by another 11.91% on Friday, marking a 50% decrease in the past six months. The company's share price has dropped nearly 50%, reflecting the investors' concerns over its financial stability and the increasing costs of debt in the AI infrastructure sector.

Jefferies, an American investment firm, has maintained its "buy" recommendation for Merlin despite the recent setback. The firm highlights that Merlin plans to limit its exposure to a single tenant below 20% once the development stage is completed. Even in the worst-case scenario, where CoreWeave faces financial difficulties, Jefferies points out that Merlin's data center lease contracts include various safeguards and backup mechanisms, including additional compensation in case of equipment withdrawal.

The investment firm emphasizes that CoreWeave's business model is expected to generate positive cash flow, with most of its capacity already sold and new hiring processes underway for 2028. Consequently, Jefferies believes that most of the potential obstacles are already reflected in the current stock price, which has dropped by 25% since June.

The firm advises investors to buy Merlin stock, with a price target of 16 euros per share, representing a potential upside of 37% from the 11.66 euros at the start of Monday's trading session.