CoreWeave's Bond Selloff May Overstate Debt Risks, Oppenheimer Says

MT Newswires Live
昨天

CoreWeave's (CRWV) unsecured bond selloff amid rising interest rates and graphics processing unit obsolescence fears may be putting "unnecessary pressure on the equity valuation," Oppenheimer said in a report Tuesday.

The firm estimated about $83 billion in "recoverable assets" against roughly $42 billion in pro forma debt and $37 billion in other liabilities, supporting a full recovery for unsecured debt in a "worst-case" liquidation scenario. Servers remaining "productive" beyond their accounting depreciation periods could also extend revenue generation and boost cash flow.

Halting growth capital spending in 2027 or 2028 could generate annual free cash flow to the firm of about $9 billion or $16 billion, respectively, at steady state. However, Oppenheimer expects CoreWeave to continue its planned expansion and described near-term capital spending and debt concerns as "short-sighted," according to the report.

The investment firm expects CoreWeave to beat Q3 expectations and modestly raise its full-year revenue outlook to 160% year-over-year growth, supported by increasing capacity and pricing. Additional capacity, software capabilities and higher-value workloads could provide greater upside in 2027.

Oppenheimer reiterated an outperform rating and $150 price target on CoreWeave.

CoreWeave shares were up nearly 6% in Tuesday trading.

Price: 58.45, Change: +3.26, Percent Change: +5.91

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

热议股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10