Nebius Group NV Shs Class-A-

NBIS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	@&^	LOCK\|mkL	LOCK\|&RL$!^

Nebius: From GPU Renter to Cloud Contender; Initiating Coverage With $70 FVE and No Moat Rating

Javier Correonero

Dec 8, 2025

We initiate coverage of Nebius Group.

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Nebius Group NV Shs Class-A-

Nebius: From GPU Renter to Cloud Contender; Initiating Coverage With $70 FVE and No Moat Rating

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