Truist Initiates CoreWeave Coverage, Flags Leverage and Capex Risks

Truist Securities initiated coverage on CoreWeave (NASDAQ: CRWV) with a Hold rating and a $84.00 price target.

The firm described CoreWeave as a leading provider of cloud infrastructure purpose-built for artificial intelligence workloads, serving major AI labs and enterprise customers including OpenAI, Microsoft, Meta, and Google. On the supply side, Truist highlighted CoreWeave’s close partnership with NVIDIA, which it said was critical in securing access to GPUs.

Truist noted the company’s rapid growth, with revenue increasing more than 14x in fiscal 2023, more than 8x in fiscal 2024, and management guiding for more than doubling revenue in fiscal 2025. Despite this momentum, the firm said the stock’s risk-reward profile appeared balanced due to CoreWeave’s high leverage and substantial capital expenditure requirements needed to support its growth.