JPMorgan Upgrades CoreWeave to Overweight, Raises Price Target to $125

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JPMorgan upgraded CoreWeave to Overweight from Neutral and raised its price target to $125 from $120, citing stronger demand and more favorable contract pricing that could lift revenue and margins above prior expectations. Analyst Samik Chatterjee said the favorable pricing backdrop for compute, combined with CoreWeave's incremental willingness to lean into short-term contracts at premium pricing, drove the firm's revenue and margin forecasts higher despite lackluster share price performance tied to investor concerns around capital intensity. JPMorgan noted that CoreWeave adjusted pricing on roughly 25% of its products in July, while competitors including Nebius have implemented frequent increases, and that short-term compute contracts elsewhere can reportedly price at nearly three times CoreWeave's longer-term agreements. Chatterjee also pointed to CoreWeave's August DDTL 5.5 financing as evidence that debt markets are becoming more comfortable with sustained GPU demand. CoreWeave shares rose in premarket trading Thursday following the upgrade.

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CoreWeave, Inc. Class A Common Stock
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JPMorgan upgraded CoreWeave to Overweight and raised its price target to $125, citing stronger demand and favorable contract pricing.

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