Well Fargo has predicted that CoreWeave will gain ground when it updates investors on deals worth tens of billions of dollars struck this year. The investment bank rates the company, which rents out computing power, most notably Nvidia GPUs, overweight and has raised its 12-month price target to $135 from $125, suggesting 28% upside from Tuesday's close. The company secured at least $63.9 billion worth of deals in the first quarter of 2026, including multi-year partnerships with Perplexity and Open AI. However, Wells Fargo estimates the true value of the backlog at over $90 billion. Remaining performance obligations (RPOs) could boost the company's stock, particularly as investors learn about their impacts on the balance sheet.