Overall, a strong Q2 beat and favorable commentary on the backlog could drive the stock higher. Wall Street expects CoreWeave to report a wider loss per share of $1.22 compared to $0.27 in the prior-year quarter. Revenue is projected to rise 111% year-over-year to $2.55 billion.
Analysts’ Views Ahead of CoreWeave’s Q2 Earnings
Ahead of Q2 earnings, Deutsche Bank analyst Brad Zelnick reiterated a Buy rating on CoreWeave stock and raised his price target to $150 from $135. The 5-star analyst is “very bullish” on the company’s fundamentals and believes that the pullback from June levels makes CRWV stock compelling. However, Zelnick cautioned that the stock might be under pressure over the near term due to concerns about margins amid rising costs as the company expands and ongoing financing needs.
Also, Wells Fargo analyst Michael Turrin reiterated a Buy rating on CoreWeave with a price target of $155. The analyst expects the company to deliver low-to-mid single-digit upside on revenue. Turrin noted that the absence of announcements on any major deals during the second quarter indicates fewer deals above the $5 billion TCV (total contract value) threshold over the past 90 days. Turrin expects CoreWeave to report remaining performance obligation (RPO) of $107 billion as of June 30, implying about $10 billion in bookings during the quarter.
