BNP Paribas Exane upgraded Nebius Group to Outperform and raised its price target 53% to $399, citing a stronger outlook since it began coverage in June. Shares rose roughly 9% intraday on the news, extending a year-to-date gain of about 193%.
BNP Paribas Exane upgraded Nebius Group to Outperform on September 24 and raised its price target from $260 to $399, a 53% increase since it began coverage in June. According to BNP Paribas Exane: "significantly enhanced outlook". Nebius shares climbed roughly 9% intraday, trading between $246 and $249 on the upgrade.
That move extends an already sharp run: Nebius shares are up approximately 193% year-to-date. BNP Paribas's new $399 target implies roughly 60% upside from current levels.
Revenue growth drives the upgrade
Nebius posted Q2 2026 revenue of $582 million, a 454% increase over the same quarter a year earlier. Its AI business segment alone generated $575 million, up 514% year-over-year. By the end of June the company's annualized run-rate revenue had reached approximately $3 billion, and BNP Paribas analysts project Nebius could reach annual recurring revenue of around $22 billion by the end of 2027.
The company is also raising prices on its own GPU cloud services effective October 1. Nvidia GPU instances will see increases of 17-21%, while select AMD EPYC CPU services are rising approximately 25%.
From Yandex spinoff to AI infrastructure play
Nebius was formerly Yandex N.V., the Dutch-listed holding company behind Russia's dominant search engine. When geopolitical pressure made that business untenable for Western-listed shareholders, the company divested its Russian assets and rebranded as Nebius Group in August 2024. Trading resumed under the ticker NBIS in October 2024, and under CEO Arkady Volozh the company pivoted entirely toward AI infrastructure, expanding across Europe, Israel and the US.
Speculation about a stock split has emerged given Nebius's rapid price appreciation, but that also appears premature: analysts suggest a split is unlikely until shares approach $500.
Source: Crypto Briefing
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