Nebius stock jumps 183%, BNP Paribas raises price target to $399

Nebius Group, the AI cloud infrastructure company that rose from the ashes of Yandex’s Russian divestiture, just got a major vote of confidence from one of Europe’s largest banks. BNP Paribas Exane upgraded the stock to Outperform on September 24 and hiked its price target from $260 to $399, a 53% bump that reflects what the brokerage calls a “significantly enhanced outlook” since initiating coverage in June. Shares responded accordingly, climbing roughly 9% intraday to trade between $246 and $249. That move extends an already eye-popping year-to-date gain of approximately 193%. The numbers behind the hype Nebius posted Q2 2026 revenue of $582 million. That figure represents a 454% increase compared to the same quarter a year earlier. The AI business segment generated $575 million, a 514% year-over-year jump. By the end of June, the company’s annualized run-rate revenue had reached approximately $3 billion. Analysts at BNP Paribas project Nebius could hit annual recurring revenue of around $22 billion by the end of 2027. Adding fuel to the bullish case: Nebius announced substantial price hikes for its GPU cloud services, effective October 1. Nvidia GPU instances will see increases ...