Nebius Group NV (NBIS) shares declined 4.4% to $257.10 in early trading on Friday, retracing part of a 39% surge over the prior week. The stock opened near Thursday's close of $268.85, extending losses from a 52-week low of $62.01 recorded earlier this year.
The pullback followed the company's Q2 2026 results, which showed revenue of $582.3 million, a 454% increase from the same period a year earlier. The strong financial performance came as Nebius expanded its data center operations, including the recent approval of its Vineland, New Jersey facility.
Analysts maintained mixed views on the stock's valuation. Bank of America raised its price target to $310 from $270 and kept a Buy rating, while Baird increased its target to $340. Citi lifted its target to $324, and DA Davidson moved its target to $250 from $175 but retained a Neutral rating, citing the removal of a key risk factor despite the target remaining below the current share price.
The broader market weighed on Nebius, with the Nasdaq Composite down 1.2% as long-term Treasury yields climbed and inflation concerns persisted. Nebius's strategic partner Nvidia also traded lower, reflecting sector-wide pressure on AI infrastructure-linked equities.
