CoreWeave (CRWV) shares ripped higher on April 10 after the company announced a major multi-year cloud infrastructure agreement with Anthropic to support its Claude AI models. The news arrives only a day after META expanded its AI cloud deal with CRWV to a whopping $21 billion.
As investors cheered these sizable transactions, CoreWeave stock broke above its 200-day moving average (MA), signaling a meaningful bullish reversal in long-term momentum.
Following today’s rally, the AI infrastructure firm is trading just 4% below its year-to-date high.
Significance of Anthropic Deal for CoreWeave Stock
The Anthropic announcement is super bullish for CRWV shares as it trims the company’s outsized reliance on META for top-line growth and validates its specialized infrastructure.
On Friday, the primary OpenAI rival said it will leverage CoreWeave’s high-performance compute to train and deploy future iterations of its Claude family of large language models (LLMs).
For investors, the Anthropic deal represents a clear signal that CRWV is winning the capacity war, proving it can secure both power and Nvidia silicon required by the world’s most sophisticated AI labs.
In short, by onboarding Anthropic, CoreWeave has strengthened its reputation as the premier alternative to traditional hyperscalers for artificial intelligence compute infrastructure.
Evercore ISI Sees Further Upside in CRWV Shares
The back-to-back multi-billion-dollar deals made Evercore ISI experts reiterate their “Outperform” rating and $120 price target on CoreWeave shares today.
According to them, the combined backlog from Anthropic and META agreements — now estimated at nearly $88 billion — provides unprecedented visibility into future revenue.
Evercore recommends buying CRWV as it’s managing to convert its “powered shell” capacity into high-margin long-term contracts.
As long as demand for generative AI training remains insatiable, CoreWeave’s unique position as a specialized GPU-cloud provider justifies a premium valuation compared to tech peers, its analyst told clients.
CoreWeave Remains Buy-Rated Among Wall Street Analysts
Other Wall Street firms seem to agree with Evercore ISI on CoreWeave, which is trading for about 7x sales at the time of writing.
According to Barchart, the consensus rating on CRWV stock remains at “Moderate Buy,” with price targets as high as $180 indicating potential upside of 70% from here.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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