Bernstein 下调 CoreWeave 目标价至 51 美元并维持跑输大盘，盘中再跌约 8%，融资缺口担忧发酵

CoreWeave ( CRWV ) shares had dropped another 7% by late morning trading on Thursday, but Bernstein said the bottom is likely even lower as financing concerns continue to trouble investors. The stock has plunged more than 50% over the past six months, and it seems a lifetime removed from the all-time high of $183 it hit in June 2025, just three months after its initial public offering. However, some analysts believe it could drop even further as Bernstein reduced its price target to $51 from $74 and retained its Underperform rating on the stock. "We estimate CRWV needs to raise $85B to fund the existing committed backlog, $9B of which is already covered by existing facilities," said Bernstein analyst Madison Rezaei in an investor note on Thursday. "The unsecured credit markets are still open to them at rates in the 15%+ range, given where the bonds are trading today, but we think there are a range of more reasonable options." Bernstein contends CoreWeave needs to pursue contracts of short duration to lock in higher prices per megawatt. "Enterprise customers are likely to support longevity (hyperscalers will compete)," Rezaei noted. "Unfortunately those contracts are riskier to creditors and do not help CRWV lower its cost of capital." "We do not believe CRWV is a 0—they still have a large backlog, line of sight to powered shell delivery, and while we don't think the contracts are super attractive, they're not underwater," she added. "Whether Nvidia ( NVDA ) will step in is meatier; we think they would intervene in a true downside. Doesn't necessarily re-energize the stock but raises the floor." Nvidia CEO Jensen Huang indicated a scarcity of capital is holding back neoclouds, such as CoreWeave. "If you look at the fundamentals, the demand for the neoclouds is off the charts," he said on Thursday. " What is missing in the middle is the working capital to fuel that growth… because there's just so much demand across so many sectors of AI, there's a scarcity of capital." Bernstein views CoreWeave's issues as a contained risk and does not believe it is indicative of the neocloud or AI market as a whole. "For all our bearishness, we think this could be a semi-contained risk," Rezaei said. "CRWV's got high debt, very high capex requirements, and questionable long-run demand. If it ceased to exist tomorrow, colo contracts would be absorbed, and the rest of the market would carry on."