CoreWeave was on the move again, with shares of the hyperscaler jumping 15.1% by late morning trading on Wednesday.

Shares have surged 150% since its initial public offering less than two months ago. The gains were bolstered by its first quarter financial results and guidance last week. CoreWeave's recent $4B deal with OpenAI has also encouraged investors.

As a result, Citi Research more than doubled its price target to $94 from $43.

"Overall we think the print reinforces CoreWeave’s high-growth status, especially with recent $4B OpenAI expansion deal, and likely assuages investor concerns around AI capex/infrastructure slowing," said Citi analysts, led by Tyler Radke, in a Wednesday investor note. "Shares have gone vertical ... While we'd argue a portion of the re-rating is justified, given strong Azure/hyperscaler numbers and capex, we reiterate our Neutral/High Risk rating as we'd like to see more progress on profitability and more customer diversification."

CoreWeave's second quarter and full-year guidance also came in ahead of consensus estimates, demonstrating strong demand for AI data centers.

"The FY guidance came in at $5B, or 161% Y/Y at the midpoint, 8pts ahead of our/street estimates, which was considerably higher than the 1Q beat and shows the company's confidence in the increase of demand signals," Radke added.