TLDR
- Wells Fargo keeps Overweight rating and $125 target on CoreWeave ahead of Q4 earnings on Feb 26
- Q4 revenue estimate of $1.57B sits just above the $1.56B consensus and near the top of guidance
- CoreWeave has beaten revenue estimates every quarter since IPO, though the beats are getting smaller
- The Poolside deal alone is estimated at ~$1B in annual revenue — possibly not yet priced into forecasts
- Roth Capital and Citizens are also bullish; HSBC holds a Reduce rating with a $41 target
CoreWeave reports Q4 fiscal 2025 earnings after the bell on February 26, and at least one major Wall Street firm thinks the numbers on paper may be underselling what’s coming.
CoreWeave, Inc. Class A Common Stock, CRWV
Wells Fargo analyst Michael Turrin reiterated an Overweight rating and a $125 price target, suggesting current estimates don’t fully capture demand. The stock trades around $89.25, with the average analyst price target at $118.57 — implying roughly 33% upside.
CRWV has gained more than 140% over the past year.
What the Numbers Look Like
Turrin models Q4 revenue at $1.57 billion, just above the consensus estimate of $1.56 billion and near the top of CoreWeave’s own guidance range of $1.49 billion to $1.59 billion.
CoreWeave has cleared revenue expectations every quarter since going public. The margin of those beats has been shrinking though — from 15% in Q1, to 10% in Q2, to around 5% in Q3. Turrin expects a similar result this quarter.
Investors will also be watching remaining performance obligations, a measure of contracted future revenue that signals how healthy the forward pipeline looks.
The Capacity and Deal Picture
CoreWeave’s CEO has already confirmed the company beat its prior 850-megawatt power target. Management said on the Q3 call that more than 1 gigawatt of its 2.9 gigawatts of contracted capacity was still available to sell, expected to come online over the next 12 to 24 months.
During Q4, CoreWeave closed deals with Runway and Poolside. The Poolside agreement covered more than 40,000 GPUs. Wells Fargo puts that deal at roughly $1 billion in annual revenue and 80 megawatts — a number that may not yet be fully reflected in Street estimates.
Where Other Analysts Stand
Roth Capital kept its Buy rating and $110 target, pointing to Meta and OpenAI datacenter activity, the GB300 cluster rollout, and potential product releases around Nvidia’s GTC event as near-term catalysts.
Citizens holds a Market Outperform with a $180 target, citing a revenue backlog reportedly above $56 billion.
HSBC sits on the other side, with a Reduce rating and a $41 target, flagging rising interest costs and widening credit default spreads.
On TipRanks, CoreWeave carries a Moderate Buy consensus based on nine Buys and eight Holds.
Wells Fargo noted that recent headlines raised questions around 2027 demand that management will need to address on the call.
Q4 results are due after market close on February 26.
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