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Update: Wedbush Raises Price Target on Cerebras Systems to $280 From $270 on Better-Than-Expected Results, Keeps Outperform Rating

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(Updates with analyst commentary.)

Wedbush raised Cerebras Systems' (CBRS) price target to $280 from $270 citing revenue, gross margins and hardware sales that exceeded expectations in Q1.

The firm was also able to charge higher pricing on its cloud service amid strong demand for its products, analysts Matt Bryson and Antoine Legault wrote in a Wednesday note.

Additionally, the new forthcoming products such as the WSE-4 chip, incremental data center capacity and continued strong AI demand, all improve confidence in the company's long-term earnings potential, the analysts mentioned.

Cerebras has an average rating of buy and mean price target of $296.30, according to analysts polled by FactSet.

Price: $187.35, Change: $-39.37, Percent Change: -17.37%

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