- Goldman Sachs upgraded CoreWeave to Buy from Neutral after a 25% sell-off the prior week driven by concerns over more than $51 billion of debt used to finance AI infrastructure.
- Goldman Sachs trimmed its CoreWeave price target to $106 from $139, which still implies nearly 73% upside from the prior Friday close.
- Goldman analyst Gabriela Borges argued CoreWeave's blended cost of debt is unlikely to rise significantly because its primary funding is asset-backed project financing rather than traditional corporate debt.
- CoreWeave announced a collaboration with AdaniConneX to build an AI cloud data center campus in Navi Mumbai, India, starting at 240 MW and targeting 480 MW by mid-2028.
- Wells Fargo issued a Buy rating on CoreWeave, and Truist reiterated its Buy stance on October 18.
- CoreWeave stock rose about 6% in pre-open trade after falling near its 52-week low of $59.51.
Quotes
“to execute, including deploying and scaling high performance GPU clusters at speed.”
“asset-backed project financings rather than traditional corporate debt.”