<div id="readability-page-1"><p>Nebius (NBIS) stock has rallied about 88% year-to-date, driven by strong demand for cloud infrastructure amid the ongoing AI wave. While most Wall Street analysts remain bullish and see further upside, Wolfe Research analyst Arsenije Matovic initiated coverage of Nebius stock with a Hold rating. Let's look at the reasons for the analyst's cautious stance on the AI infrastructure stock.</p><h3>Claim 30% Off TipRanks</h3>Trade NBIS with leverage <h2><strong>Wolfe Analyst Is Cautious on NBIS Stock</strong></h2> <p>Matovic stated that he initiated coverage of Nebius stock with a fair value range of $80 to $170 based on 4x to 8x FY27 EBITDA (earnings before interest, taxes, depreciation, and amortization).</p> <p>The analyst acknowledged that the strength in demand for Nebius' cloud infrastructure is clear and &#34;de-risked,&#34; especially following the company's deals with Microsoft (MSFT) and Meta Platforms (META). Notably, Nebius entered into a $27 billion long-term AI infrastructure supply agreement with Meta Platforms, which includes one of the first large-scale deployments of the Nvidia (NVDA) Vera Rubin platform. In September 2025, the company signed an AI infrastructure deal worth up to $19.4 billion with Microsoft.</p> <p>Despite strong demand, Matovic has a neutral stance on Nebius as he is concerned about the execution and financing of planned projects, which he thinks &#34;still needs to be demonstrated.&#34;</p> <h2><strong>Is NBIS a Good Stock to Buy?</strong></h2> <p>With nine Buys and two Holds, Wall Street has a Strong Buy consensus rating on Nebius stock. The average NBIS stock price target of $167.70 indicates about 7% upside potential.</p></div>

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<p>Wolfe Research analyst Arsenije Matovic has assigned a Hold rating to Nebius (NBIS) stock, despite its 88% year-to-date rally driven by AI demand. Matovic set a fair value range of $80 to $170 based on FY27 EBITDA, citing strong demand and significant deals with Microsoft and Meta. However, he expressed concerns about the execution and financing of future projects. Wall Street maintains a Strong Buy consensus on NBIS, with an average price target of $167.70, suggesting a 7% upside potential.</p>

- Nebius (NBIS) stock has increased approximately 88% this year, largely due to high demand for cloud infrastructure amid the AI surge.  
- Wolfe Research analyst Arsenije Matovic initiated coverage with a Hold rating, citing a fair value range of $80 to $170, while acknowledging strong demand and significant deals with Microsoft and Meta.  
- Despite a generally bullish outlook from other analysts, Matovic expresses concerns over the execution and financing of Nebius' future projects, which he believes need further demonstration.

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Wolfe Assigns Nebius Stock (NBIS) Hold Rating Despite AI-Led Demand – Here's Why