Rosenblatt initiates coverage on NBIS with a Buy

NBIS Rosenblatt analyst John McPeake initiated coverage of Nebius with a Buy rating and $304 price target. The company sits just below CoreWeave (CRWV) at the top of the neocloud food chain, and Rosenblatt believes it is similarly well positioned to benefit from massive spending on AI training and inference deployments, the analyst tells investors in a research note. Nebius doesn't disclose their active, revenue-generating power, but the firm estimates the company has about a sixth the size of CoreWeave's 1.5GW of active power, Rosenblatt added