Nebius Group (NBIS) Soars 9% on Upbeat Coverage, PT Hike

Nebius Group NV (NASDAQ:NBIS) is one of the 10 Stocks With Easy 9-30% Upside.

Nebius extended its winning streak to a 5th consecutive day on Thursday, climbing 9.06 percent to finish at $136.33 apiece after earning an optimistic coverage from Cantor Fitzgerald.

In a market note, the investment firm issued an “overweight” rating and a $129 price target for Nebius Group NV (NASDAQ:NBIS), marking a 3.2 percent upside versus its closing price of $125 on Thursday, prior to the release of its coverage.

data center

For illustration purposes only. Photo by Brett Sayles on Pexels

The optimism came on the heels of surging data center demand amid the rapid expansion of the artificial intelligence sector.

For its part, Nebius Group NV (NASDAQ:NBIS) is underway with the expansion of its data center portfolio, targeting 3 GW of contracted capacity by the end of the year.

Of the total, a 1 GW scale would come from its data center in Independence, Missouri, while another 310 MW is being developed in Finland. The latter is targeted for full operations next year and is set to be Europe’s largest data center so far.

Apart from the said facilities, Nebius Group NV (NASDAQ:NBIS) also announced plans to build more data centers in Finland for its continued capacity buildout.

Construction aside, the company last month secured a $27 billion deal with Meta Platforms Inc. for the delivery of compute capacity for the latter’s needs.

Of the total amount, $12 billion is set to be delivered over the next five years, to be followed by another $15 billion for another five years.

The deal followed Nebius’ partnership with Nvidia, under which they would jointly develop and deploy next-generation hyperscale cloud for the AI market.

Nvidia also invested $2 billion in Nebius.

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