Nebius (NBIS) Stock: BofA Raises Target to $310 After Q2 Results
TLDR
- NBIS stock fell 1.6% after reporting a Q2 loss of $0.68 per share, missing the $0.67 consensus estimate by $0.01
- Revenue jumped 454% year over year to $582.3 million, beating estimates, with annual recurring revenue hitting around $3 billion
- Bank of America raised its price target to $310, reiterating a Buy rating after the strong Q2 print
- Michael Burry added to his short position at $247, calling Nebius “what the top of a boom looks like”
- Wall Street holds a “Moderate Buy” consensus with an average price target of $260.20, implying modest 2% upside
Nebius Group (NBIS) stock dropped 1.6% on Thursday, closing at $255.04 after hitting a low of $247.38. The move came after the company reported Q2 earnings that narrowly missed Wall Street expectations.
The company posted a loss of $0.68 per share against a consensus estimate of $0.67. That one-cent miss was enough to take some wind out of the sails following a 34% surge the previous day.
Revenue told a different story. Nebius reported $582.3 million for the quarter, up 454% year over year and ahead of the $567.91 million estimate. Annual recurring revenue reached approximately $3 billion, and the company’s contracted backlog now exceeds $40 billion.
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