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Anushka Dutta

Why BNP Paribas Is Setting Its Sights on $399 for Nebius Stock

Nebius BNP Paribas Nebius Stock United States NBIS Nvidia Nebius Group Truist Securities

Dutch neocloud firm Nebius Group (NBIS) saw its stock surge 7.4% intraday on Sept. 24 after BNP Paribas analysts upgraded it from “Neutral” to “Outperform” and hiked the price target from $260 to $399, which reflects a 63.9% upside from the current level. The firm mainly cited Nebius’ “meaningfully improved” outlook as the reason for this upgrade.

The neocloud provider, which has Nvidia (NVDA) as a passive stakeholder, has been rapidly expanding its AI cloud infrastructure as it faces strong demand for cloud services. For instance, the company closed a long-term cloud agreement with Meta Platforms (META) in March and announced a $10 billion expansion to build an artificial intelligence (AI) factory in Finland.

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