CoreWeave (CRWV) is expected to report Q2 revenue at the "high end" of its $2.45 billion to $2.60 billion guidance range and maintain its 2026 targets, Oppenheimer said in a report Thursday.
The company is scheduled to report its Q2 results on Aug. 11.
The firm said investor concerns about capacity delays and industry overbuild are "overblown" because industry demand remains about four times available supply, the report said. The firm noted that the impact of competition from Meta Platforms (META) as "minimal."
The firm said some Q3 capacity additions may be delayed by three to five months because of labor and operator financing constraints, shifting more "capacity expansion" into Q4. However, the firm still expects CoreWeave to exceed 1.7 gigawatts of "active power" by year-end, according to the report.
The firm also noted "GPU infrastructure" prices have increased about 30% across the industry, potentially creating "upside" for CoreWeave over time, although the company's long-term contracts could delay the benefit.
Oppenheimer reiterated an outperform rating on CoreWeave with a price target of $150.
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