CoreWeave, Inc. (NASDAQ:CRWV) analysts highlighted strong demand, expanding backlog, and aggressive infrastructure growth while also warning that heavy capital spending and execution risks could keep the stock volatile.



<h2>BofA Securities: Strong Demand And Backlog Support Long-Term Growth</h2>



Bank of America Securities analyst Tal Liani reiterated a Buy rating on CoreWeave and maintained a $140 price forecast after the company delivered first-quarter revenue growth of 112%, above Street expectations of 101%.



Liani said strong data center execution drove the upside, while backlog jumped 49% quarter over quarter to $99.4 billion, supported by large agreements, including the previously announced $21 billion Meta Platforms Inc. (NASDAQ:META) deal.



The analyst said CoreWeave added about 150 megawatts of active power during the quarter, pushing active power above 1GW and contracted power to 3.5GW. He expects the company to reach 1.7GW of active power by the end of 2026.



Liani also projected second-half 2026 revenue growth of 72% versus the first half and expects operating margins to improve sequentially through 2026, reaching roughly 8% for the full year despite pressure from the company's aggressive capex ramp.



He added that inference workloads now account for more than half of CoreWeave's compute usage and said inference should remain the primary long-term demand driver.



<h2>Goldman Sachs: Demand Accelerates Despite Rising Capex</h2>



Goldman Sachs analyst Gabriela Borges reiterated a Neutral rating on CoreWeave with an $85 price forecast after the company reported revenue slightly above expectations and maintained its 2026 revenue and margin outlook.



Borges said investors reacted negatively to higher capex guidance, which increased by $500 million at the midpoint because of rising component prices. However, she said CoreWeave's unit economics remain resilient due to take-or-pay contracts and pricing flexibility on new agreements.



The analyst highlighted accelerating demand, with revenue backlog reaching $99.4 billion and CoreWeave remaining largely sold out of 2026 capacity. She also noted that Blackwell, Hopper, and Ampere demand stayed strong, while average pricing for AI chips increased quarter over quarter.



Borges said management still expects active power to reach 1.7GW by year-end 2026 and anticipates most of the company's 3.5GW of contracted power will come online by the end of 2027, supporting more than $30 billion in annual recurring revenue exiting 2027.



She also pointed to growing software, networking, storage, and developer tool offerings as future high-margin growth opportunities not yet reflected in current guidance.



<h2>JP Morgan: Strong Bookings Offset Volatility Concerns</h2>



JP Morgan analyst Mark R. Murphy maintained a Neutral rating on CoreWeave and raised his price forecast to $105 from $90 after the company reaffirmed its full-year outlook and posted record bookings growth.



Murphy said first-quarter revenue of $2.08 billion exceeded consensus estimates by roughly 6%. In comparison, the company reaffirmed its 2026 revenue outlook of $12 billion to $13 billion and operating income guidance of $900 million to $1.1 billion.



The analyst noted that CoreWeave raised its 2026 exit annual recurring revenue floor to $18 billion-$19 billion, up from the prior range, while backlog expanded 49% sequentially to $99.4 billion after more than $40 billion in new commitments during the quarter.



Murphy also highlighted improving customer diversification, noting that non-investment-grade AI-native and foundation model customers now account for less than 30% of backlog. He added that financial services customers, including Jane Street and Hudson River Trading, now represent nearly $10 billion in backlog.



At the same time, Murphy warned that CoreWeave could continue delivering a &#34;lumpy, volatile ride&#34; because of execution risks, elevated capex needs, and broader economic uncertainty.



CRWV Price Action: CoreWeave shares were down 11.71% at $113.75 at the time of publication on Friday, according to Benzinga Pro data.



Photo via Shutterstock

CRWV

CORD

CWVX

CRWG

CRWU

Analysts warn that CoreWeave stock (NASDAQ:CRWV) may remain volatile despite a 112% revenue growth and a $99 billion backlog. BofA Securities maintains a Buy rating with a $140 price forecast, citing strong demand and infrastructure growth. Goldman Sachs holds a Neutral rating with an $85 forecast, noting rising capex concerns. JP Morgan also maintains a Neutral rating, raising its forecast to $105, while highlighting record bookings growth. CoreWeave shares were down 11.71% at $113.75 at the time of publication.

benzinga_article

Coreweave

T-REX 2X Inverse CRWV Daily Target ETF

Tradr 2X Long CRWV Daily ETF

Leverage Shares 2X Long CRWV Daily ETF

T-REX 2X Long CRWV Daily Target ETF

Meta Platforms

Bank of America

Goldman Sachs

JPMorgan Chase

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

GS Hldg R

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

Analyst Warns CoreWeave Stock Could Stay 'Lumpy, Volatile'