NEBIUS (NBIS) experienced a sharp pre-market decline of 5.02%, extending losses after a two-day rally of over 16%. The sell-off came amid a wave of cautious analyst commentary and growing uncertainty ahead of the company’s upcoming earnings report.

Citigroup lowered its price target on NEBIUS from $287 to $278, while Piper Sandler initiated coverage with a Neutral rating and a $224 price target, citing short-term uncertainty and a more cautious stance relative to competitor CoreWeave. The company is set to report earnings on August 12, with consensus estimates pointing to revenue growth of approximately 374% year-over-year, but an expected EPS loss of -$0.67, leaving the pace of profitability recovery in question.

Multiple headwinds, including the analyst downgrades and pre-earnings jitters, converged to pressure the stock in the pre-market session, as investors weighed the potential for continued losses against the strong revenue growth trajectory.