金吾财讯 | 投行 D.A. Davidson 周一首次给予云计算企业 CoreWeave（CRWV）与 Nebius（NBIS）“中性” 初始评级，对两家 AI 算力服务商给出差异化估值判断。
针对 CoreWeave，分析师卢里亚指出，算力赛道前景向好，公司已跻身行业核心玩家，但受利润率偏弱、高度依赖债务融资、内部人士减持等因素制约，盈利回报能力存疑，因此将其目标价由 175 美元下调至 100 美元。
对于 Nebius，机构认为其具备溢价估值合理性。该股自机构一年多前关注以来表现大幅跑赢大盘，已跻身 AI 交易核心标的。不过其估值溢价已压缩短期上行空间，故维持中性评级，目标价定为 250 美元。
整体来看，机构认可两家企业的行业地位，但分别从盈利风险与估值泡沫角度，提示短期投资需保持谨慎。
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