Nebius shares – Nebius Group’s stock has surged about 444% over the past 12 months as the company wins contracts with cloud hyperscalers and secured a partnership and $2 billion investment from Nvidia. Multiple Wall Street firms reiterated buy ratings this month and raised pr
On the surface, the numbers read like a straight climb: Nebius Group shares have gained roughly 444% over the last 12 months. Underneath, the rally appears to be getting fresh fuel.
The artificial intelligence infrastructure company has been winning contracts with cloud hyperscalers. It has also secured a partnership and a $2 billion investment from Nvidia, one of the best-known names in AI hardware. The combination of those catalysts is exactly what has kept investors leaning in—even as the stock’s momentum continues to draw skepticism from anyone asking whether the “run” can keep widening.
Two separate analyst updates this month add another answer to that question: not only is the rally not over, some investment firms say the upside still isn’t fully priced.
On May 13, financial services firm D.A. Davidson published an updated analysis on Nebius and reiterated a buy rating on the stock. The firm raised its one-year price target from $200 per share to $250 per share. Even after the stock climbed further following that note, the updated target still implies additional upside of roughly 19%.
Two days later, on May 15, Citi issued its own updated coverage. Citi maintained a buy rating and set a one-year price target of $287 per share. Its view points to strengthening demand for the company’s technologies. with Citi linking that demand to rising prices for graphics processing units (GPUs). With the current share price, Citi’s target suggests additional upside potential of roughly 37%.
The debate tightens when you look at what investors are already paying for the growth story. The stock is valued at roughly $54.5 billion and is trading at approximately 16 times this year’s expected earnings, meaning a significant amount of future progress is already reflected in today’s price.
Still, there is also recent momentum behind the optimism. The company managed to increase revenue 684% year over year last quarter. That kind of leap is hard to ignore—especially when investors are trying to determine whether today’s valuation is a fair match for what’s coming next. or whether it has been set too low.
One detail that sits uncomfortably beside all the bullish targets: when revenue accelerates like that. the market often moves faster than fundamentals can prove themselves. Nebius may have catalysts that keep stacking up—contracts with cloud hyperscalers. a partnership. and Nvidia’s $2 billion investment—but at a valuation that already prices in major growth. even small disappointments can tighten the margin for error.
For now, Wall Street’s posture looks steady. D.A. Davidson and Citi both renewed buy ratings and raised their one-year price targets in May. each anchoring its case in continued demand and the AI hardware environment—particularly the pressure tied to rising GPU prices. The question for investors isn’t whether the rally happened. It’s whether the next leg can start before the market fully catches up to the promise.
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