CoreWeave initiated with “buy” from Bank of America as a “best of breed provider”

Shares of CoreWeave are surging on Tuesday after a host of Wall Street banks initiated coverage on the recently IPO’d cloud-computing company with largely bullish views.

Among those was Bank of America, where analyst Brad Sills rated the company a “buy” with a price target of $42.

“We see room for sustained share gains in the large AI infrastructure as a service industry, forecasted to reach $79 billion in 2028 (per Gartner), +62% 3-year CAGR, significantly outpacing the general purpose cloud IaaS at 21%,” he wrote. “Calls with customers validate CoreWeave as a best of breed provider.”

The Nvidia-backed firm is able to deploy GPUs faster than its competitors with lower failure rates and better utilization rates thanks to its proprietary software, access to energy, and technology, he added, while trading at a discount to data center peers.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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