Nebius Surges 3% as Goldman Sachs Sees 49% Upside Ahead of Q2 Earnings

Nebius Group's stock rose over 3% on Tuesday ahead of its second-quarter earnings report, as Goldman Sachs analyst Alexander Duval reiterated a Buy rating and a $286 price target.

The $286 price target implies about 49% upside from recent levels and is the highest on Wall Street, according to Goldman Sachs. Duval highlighted five key themes that will shape investor reaction to the numbers, including tight supply, firm pricing, and Nebius' annualized run-rate revenue outlook of $7 billion to $9 billion by 2026.

Nebius sold out its first-quarter capacity despite raising prices, demonstrating robust demand for AI compute. The company is expected to provide more detail on a new asset-light partner model that allows infrastructure partners to run Nebius' full AI cloud stack inside their own data centers, potentially expanding Nebius' reach without proportionate capital spending.

The broader analyst community holds a Moderate Buy consensus rating on Nebius, with an average price target of $241 and about 27% upside. CoreWeave is scheduled to post its second-quarter results after the market closes on Tuesday, which could offer early insights into demand for AI data-center capacity and shape sentiment toward Nebius.