CoreWeave shares rose 2.3% in pre-market trading. BofA Securities reaffirmed its Buy rating for the AI cloud provider. The bank maintained a $140 price target.
BofA increased its fiscal 2026 capital expenditure forecast for the company to $34 billion. The previous forecast stood at $29 billion. The bank cited strong AI infrastructure demand and hardware market conditions for the revision.
Analysts project second-quarter operating margins will fall slightly below consensus estimates. BofA expects these margins to improve sequentially through the remainder of the year. Disclosures of new institutional investments also supported the stock's movement.