Piper Sandler Keeps Bullish CoreWeave Call Despite Sharp Share Decline
Piper Sandler maintained an Overweight rating on CoreWeave and lowered its price target to $124, which would represent a doubling from Tuesday’s close after the stock fell 51% over the past year. The analyst’s case depends on credit markets settling down, since a recent bond selloff highlighted concerns about how CoreWeave funds its large buildout. Second-quarter revenue more than doubled to $2.58 billion, but interest expense rose to $640 million and capital spending is expected to reach $35 billion to $39 billion this year.
Piper Sandler analyst James Fish reaffirmed an Overweight rating on Oct. 21 while trimming the price target to $124 from $153. That target sits 100% above CoreWeave’s $62.13 close on Tuesday, after a 51% one-year decline. The call follows a bond-market selloff that knocked shares 25% in a week and left yields and credit default swaps elevated.
Second-quarter revenue exceeded $2.58 billion, more than double the prior-year figure, but interest expense climbed to $640 million from $267 million. Management projects $35 billion to $39 billion of capital spending this year. Consensus 2027 loss estimates widened to $4.50 per share from $3.67 over 90 days, while 31 of 41 analysts rate the stock Buy or Outperform.
The outcome may matter beyond shareholders: CoreWeave’s borrowing and large buildout could affect bondholders, suppliers, and workers tied to its expansion, while volatile shares may influence how retail and institutional investors view AI-related infrastructure risk. If credit conditions stay tight, financing costs could constrain capacity growth and ripple through communities where spending occurs; if markets settle, the company’s capital outlays could support activity. These are possibilities, not certainties.