Bank of America tweaks CoreWeave stock forecast after earnings
Nvidia-backed CoreWeave (CRWV) stock entered another earnings season with Wall Street looking for another quarter marred by heavy CapEx and losses.
Analysts were looking at $2.56 billion in sales with an adjusted loss of $1.41 per share.
Instead, CoreWeave delivered another sizeable double beat, delivering $2.58 billion in revenue, posted a smaller-than-expected loss, while raising its full-year outlook.
Consequently, as CoreWeave reported its Q2 2026 earnings after market hours on Tuesday, August 11, 2026, the stock experienced a tremendous pop.
According to Investing, the stock surged nearly 14% after hours, with Reuters reporting another 19% on August 12, having closed at $90.32 before earnings.
Following the strong snapback, CoreWeave stock is now up 21% for the month and 50% year-to-date, according to Seeking Alpha data.
CEO Mike Intrator called it "an exceptional quarter for CoreWeave", adding that the company "outperformed our plan across the board".
That was enough to force Wall Street to rethink its position in the AI giant.
Bank of America did just that after the print, changing multiple key forecasts while keeping one major call intact.
Why Bank of America still sees major upside in CoreWeave
Bank of America came away from CoreWeave's Q2 results confident in its growth trajectory.
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Consequently, the bank's analysts reiterated their 'Buy' rating and a $140 price target, implying 30% upside after the stock's post-earnings pop.
Q2 sales surged 112% year over year to $2.575 billion, slightly ahead of BofA's $2.52 billion estimate. Operating margin reached 5%, compared to the Street's 2.8% expectation, while the company posted a loss of $1.03 per share, narrower than BofA's $1.16 loss estimate.
Perhaps the bigger signal came from capacity.
CoreWeave added 500 megawatts of active power during Q2, taking active capacity from 1 GW to 1.5 GW. Around 300 MW came online in June alone. As a result, management bumped its year-end active-power target to at least 1.85 GW, from 1.7 GW previously.
Power availability is viewed as a bridge between CoreWeave's massive backlog and actual sales generation. For context, remaining performance obligations jumped $104.2 billion, up about $4.8 billion sequentially, while another $25 billion-plus of commitments signed early in Q3 weren't included in the figure.
Given the impressive strength shown, BofA bumped its sales forecasts across the board.
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