Overview
Roth/MKM has reaffirmed its Buy rating and $110.00 price target on CoreWeave (NASDAQ:CRWV) as the company prepares to publish fourth-quarter results on Thursday, February 26, after the market close. With the stock trading around $89.25 at the time of the note, Roth/MKM's target implies upside from current levels following CoreWeave's roughly 123% share-price advance over the past year.
Analyst focal points ahead of the report
Roth/MKM said its review of the quarter will concentrate on the quality of backlog and incremental bookings. The firm will pay close attention to progress on powered-shell deliveries and the timing of data center commissionings - operational milestones that directly affect service ramp and revenue recognition.
Capital spending cadence is another area Roth/MKM intends to evaluate, with an eye toward a potential first-quarter catch-up in capex. The note states the firm will also analyze the company’s funding roadmap, including the implications of NVIDIA's $2 billion equity investment for CoreWeave’s cost of capital and balance-sheet flexibility.
Liquidity context
Roth/MKM highlighted liquidity as a material consideration. Citing InvestingPro data, the firm pointed out CoreWeave's current ratio of 0.49, indicating the company is quickly burning through cash. In that context, the NVIDIA equity infusion assumes heightened importance for near-term liquidity and funding optionality.
Catalysts and market drivers
Despite the liquidity caveat, Roth/MKM remains constructive on CoreWeave heading into its quarterly update. The firm identified a number of potential catalysts that could support the outlook, including datacenter projects tied to Meta (NASDAQ:META) and OpenAI. Additional upside events flagged include the rollout of the GB300 cluster and expected software and product developments coinciding with Nvidia's GTC event.
Other broker views and forecasts
Other analysts are aligned in assigning favorable ratings. Wells Fargo retained an Overweight rating with a $125 price target, projecting fourth-quarter revenue of $1.57 billion - slightly above the consensus estimate of $1.56 billion and within the company’s guidance range of $1.49 billion to $1.59 billion. Citizens reiterated a Market Outperform rating and assigned a $180 price target, citing CoreWeave's standing in the GPU-as-a-Service market and a reported revenue backlog in excess of $56 billion.
Corporate developments
Regulatory filings show CEO and President Michael Intrator sold 32,455 shares of Class A common stock at prices between approximately $89.29 and $97.10 per share. Separately, CoreWeave launched its first integrated brand campaign - "Ready for Anything, Ready for AI" - during the Winter Olympics, featuring Chance the Rapper and aimed at positioning the company as "The Essential Cloud for AI."
Citizens also noted Applied Blockchain - a company that leases capacity to CoreWeave - has kept its Market Outperform rating, underscoring the broader ecosystem activity around capacity leasing and GPU-based cloud services.
What analysts will watch on the call
- Backlog composition and the quality of incremental bookings to assess revenue sustainability.
- Timelines for powered-shell deliveries and data center commissioning as indicators of capacity coming online.
- Capital expenditure pacing and whether first-quarter capex will reflect a catch-up that affects near-term cash flows.
- Funding plans and how NVIDIA’s $2 billion equity investment changes the company’s liquidity profile, cost of capital, and balance-sheet flexibility.
Bottom line
Roth/MKM's reaffirmation of a Buy rating reflects confidence in CoreWeave’s demand environment and growth catalysts, even as the firm signals caution around execution and liquidity. With multiple brokerages expressing bullish views and several near-term operational catalysts, investors will be monitoring the earnings release and accompanying management commentary for confirmation on backlog quality, commissioning progress, capex rhythm, and the practical effects of recent funding arrangements.