BNP Paribas raises target for Nebius stock from USD 260 to USD 399

Published on 10/09/2026 at 15:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 revenue reached USD 582 million, up 454.00 percent year over year. Nebius stock was EUR 201.40 on October 9, 2026 versus EUR 197.94.

Key points in brief

BNP Paribas Exane raised its Nebius target from USD 260.00 to USD 399.00 and upgraded the stock to Outperform on September 24, 2026.
Nebius reported USD 582 million in second-quarter 2026 revenue, up 454.00 percent year over year.
Nebius stock was trading at EUR 201.40 at Lang & Schwarz on October 9, 2026, up 1.75 percent from EUR 197.94.

Nebius, NL0009805522, Illustration mit AI erstellt.

Nebius Group N.V. (NL0009805522) had a USD 399.00 price target from BNP Paribas Exane after the firm raised its previous USD 260.00 target and upgraded the stock to Outperform on September 24, 2026, according to Ground News. Nebius stock was trading at EUR 201.40 at Lang & Schwarz on October 9, 2026 at 3:04 p.m. CEST, up 1.75 percent versus the prior close of EUR 197.94.

Three events changed the setup

On August 12, 2026, Nebius reported second-quarter 2026 revenue of USD 582 million, up 454.00 percent year over year, in its earnings call covered by Yahoo Finance. On the same date, management reported adjusted EBITDA of USD 236 million and a 41.00 percent adjusted EBITDA margin, also in the Yahoo Finance transcript.

On September 24, 2026, BNP Paribas Exane moved its rating from Neutral to Outperform and lifted its target from USD 260.00 to USD 399.00, as Ground News reported. The target change is a material reset in valuation, but it remains a US-dollar target and is not a substitute for the euro quotation used here.

What does 5GW mean for revenue?

Nebius management raised its contracted-power target to 5GW for the end of 2026 while retaining guidance for 800MW to 1GW of connected power, according to btw.media. The comparison matters because contracted power is five times the lower end of the connected-power range, while management said commissioning, networking, cluster deployment and customer onboarding can delay revenue generation by several months.

The earnings call also placed 2026 group revenue guidance at USD 3 billion to USD 3.4 billion and annualized run-rate revenue guidance at USD 7 billion to USD 9 billion, with an adjusted EBITDA margin of approximately 40.00 percent, according to Yahoo Finance. That spending-led model makes the conversion from contracted capacity to billable compute the central operating question for the next results cycle.

Next reporting date points to October

A market calendar lists October 22, 2026 as the next earnings date for Nebius, according to Makkler. The date gives investors a defined checkpoint for revenue conversion, margin delivery and the pace of capacity deployment.

Stock quote stays above EUR 200

Nebius stock was trading at EUR 201.40 at Lang & Schwarz on October 9, 2026 at 3:04 p.m. CEST, up 1.75 percent from the EUR 197.94 prior close dated October 8, 2026. The further course of trading is shown by the continuously updated real-time quote of Nebius stock.