Deutsche Bank Keeps $150 Target on CoreWeave, Calls Share Plunge a Buying Opportunity
Summary
- Deutsche Bank said the sharp drop in shares of AI cloud company CoreWeave could present a buying opportunity.
- Deutsche Bank maintained its buy rating and $150 price target on CoreWeave, saying the target is about 128% above the previous day's close.
- Deutsche Bank said the selloff could offer a buying opportunity because there is no sign of damage to fundamentals, while AI infrastructure demand remains solid and the company has partnerships with Nvidia, Dell, Meta and OpenAI.
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Deutsche Bank said the sharp drop in shares of AI cloud company CoreWeave could present a buying opportunity.
Bloomingbit reported on October 15 that Deutsche Bank maintained its buy rating and $150 price target on CoreWeave that day. The target implies about 128% upside from the stock's October 14 close.
The bank said CoreWeave shares fell more than 15% the previous day, but found little evidence of any fundamental deterioration that would justify the selloff. It said the decline could therefore offer a chance to buy the stock at lower levels.
As support for its buy rating, Deutsche Bank cited solid demand for AI infrastructure and CoreWeave's partnerships with major companies including Nvidia, Dell, Meta and OpenAI.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul