Goldman Sachs: "We upgrade CoreWeave from Neutral to Buy with 73% upside to our price target of $106 (down from $139 pri | Hanami
Goldman Sachs: "We upgrade CoreWeave from Neutral to Buy with 73% upside to our price target of $106 (down from $139 prior). The stock is down 43% since Aug 11 (2Q EPS) and 24% in the last 5 trading days, per our understanding due to a) ongoing volatility in the credit market, which raises questions on if and at what rate CoreWeave will be able to finance their next phase of growth; b) debate on demand for intelligence at the frontier vs. off frontier, and whether changing mix impacts token monetization at CoreWeave’s customers, which in turn is key for the ecosystem to realize returns on compute investments. Going back to Finance 101, we see CoreWeave’s enterprise value as being directly correlated to the magnitude and durability of the spread between its unlevered IRR and WACC — and we think investors may be underestimating the magnitude of upward revisions to uIRR, and overestimating the magnitude of upward revisions to WACC."
"Based on our industry conversations, CoreWeave will still likely be able to raise DDTLs; and DDTL 5.0 and 5.5 both trade at or above their originally issued discount."(Historical earnings: For 2026Q1 (period ended 2026-03-31), CoreWeave reported basic and diluted EPS of -1.4 and net income of USD -0.740 billion, versus basic EPS -1.4, diluted EPS -1.49, and net income of USD -0.315 billion in 2025Q1. Full-year 2025 showed basic EPS -2.75, diluted EPS -2.81, and net income of USD -1.167 billion, versus basic and diluted EPS -4.3 and net income of USD -0.863 billion in 2024.
Consensus expectations: For 2026Q2 (event date 2026-08-11), consensus EPS is -1.24 on revenue of USD 2.611 billion. For 2026Q3 (event date 2026-11-11), consensus EPS is -1.57 on revenue of USD 3.612 billion. For 2026Q4 (event date 2027-02-26), consensus EPS is -0.5547 on revenue of USD 4.787 billion.)