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Nebius shares jump 47.7% on revenue surge and analyst upgrades
Nebius said revenue rose to $582.3 million from $105.1 million year over year, and it raised its year-end contracted power target to 5 GW.
Nebius Group NV (NASDAQ:NBIS) surged 47.7% week over week to become the third-largest gainer last week, after the company reported a sharp revenue increase and drew a wave of stock price target upgrades, according to Yahoo Finance.
In its update, Nebius said revenue grew more than fivefold to $582.3 million from $105.1 million in the same period last year and beat analyst expectations of $572.75 million. The company described the quarter as its strongest, even as it previously swung to a net loss of $190.4 million from net income of $584.4 million year over year, attributed to higher operating costs and expenses.
Nebius also pointed to AI infrastructure demand, saying it is raising its year-end contracted power target to 5 GW and plans to deploy more than 1 GW per year starting next year. The firm said it closed four major AI cloud contracts in the second quarter and is targeting higher pricing, moving from $20 million per megawatt currently toward a $40 million to $50 million per megawatt range for newer opportunities.
After the results, multiple analysts recommended buying NBIS, with Northland Securities lifting its price target by 65% to $410 from $248, and Citigroup raising its target by 16.5% to $324 from $278 while keeping buy calls. Bank of America also reiterated a buy with a $310 price target, while Morgan Stanley issued a hold with a $144 price target.
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