Barclays analyst Raimo Lenschow has maintained an Equal-Weight rating on CoreWeave (NASDAQ: CRWV) while lowering the price target to $90 from $120. The adjustment reflects a revised valuation outlook for the company.

Rating and Price Target

The research note updates the investment stance on CoreWeave, keeping the recommendation at Equal-Weight. The price target has been reduced by $30, settling at $90.

CoreWeave Inc (NASDAQ: CRWV) is scheduled to report its second-quarter results in early August, with data center buildout execution and power activation serving as primary variables to watch, according to BofA Securities analyst Tal Liani. Liani maintained a Buy rating with a price target of $140, noting that execution has become the key variable given elevated demand for GPU capacity and growing customer commitments. Mizuho analyst Gregg Moskowitz previously maintained a Neutral rating on the stock with a price target of $100, down from $110, reflecting a change in the firm's valuation model.

Q2 Financial Estimates and Outlook

BofA projects year-on-year revenue growth to accelerate exponentially through 2026, starting at 108% in the second quarter. The firm estimates growth will rise to 150% in the third quarter and 186% in the fourth quarter. However, margins are expected to face near-term pressure. CoreWeave is likely to report a second-quarter operating margin of 2.4%, missing Street expectations of 2.8%. Liani expects margins to improve sequentially throughout the year, potentially exiting 2026 with an operating margin of 14.6% compared to 1.0% in the first quarter.

Capacity Expansion and Capital Expenditure

The company currently operates with around 1GW of active power and targets reaching 1.7GW by year-end. A larger portion of this capacity is anticipated to come online in the back half of 2026 compared to the first six months. Capital expenditures remain a key indicator of buildout progress; Liani raised the full-year capex estimate to $34 billion from the prior projection of $29 billion.

Analyst Ratings and Market Context

Despite stock pressure stemming from competition concerns involving Space Exploration Technologies Corp (NASDAQ: SPCX) and Meta Platforms Inc (NASDAQ: META), Liani asserts that demand for AI compute far exceeds supply. Access to capacity, rather than provider selection, remains the primary gating factor. Shares of CoreWeave had risen by 3.42% to $75.71 at the time of publication on Monday.