Analyst raises target despite softer Q2 guidance, citing $100 billion backlog and execution strength in AI infrastructure.
Wells Fargo analyst Michael Turrin increased CoreWeave’s price target to $155 from $135, maintaining an Overweight rating. The adjustment followed a revenue beat in Q1 2026 but a weaker-than-expected Q2 outlook that triggered a stock decline.
CoreWeave reported Q1 revenue of $2.078 billion, surpassing the $2.013 billion consensus. The company’s $100 billion backlog and 1GW+ active capacity were highlighted as key strengths, though the revised full-year guidance weighed on sentiment.
Turrin noted the stock’s reaction may have overlooked long-term catalysts, including $63.9 billion in Q1 deal signings and OpenAI delivery timelines. The prior target of $135 had been raised from $125 ahead of earnings.