Nebius Group has more than tripled this year due to the artificial intelligence boom, but it still has more room to rally, according to Bank of America. The bank maintained its buy rating on the cloud computing name. It hiked its price target on shares to $310 from $280, implying nearly 20% upside from Wednesday's close. Nebius boasts "rapidly expanding, AI-optimized cloud infrastructure and strong global data center pipeline, positioning it to benefit from demand for large-scale AI Compute," analyst Tal Liani said Wednesday in a note to clients. "Management's track record of execution and the company's unified, end-to-end platform creates durable competitive advantages that support continued growth." The price target hike comes after Nebius reported on Wednesday better-than-expected financial results for the second quarter. NBIS YTD mountain NBIS year to date Nebius posted adjusted EBITDA of $236.2 million for the period, well above the $168.8 million expected by analysts polled by FactSet. Revenue came in at $582.3 million, topping the Street's consensus estimate of $569.9 million. The company also reiterated its full-year guidance on revenue and other key financial metrics. Those updates could boost investor confidence in Nebius' business, driving value to its shares, per Bank of America. "Nebius Group reported robust 2Q26 results," Liani wrote. "Importantly, management maintained its target for 800MW-1GW of connected power by [the end of 2026], helping address recent investor concerns on site-specific ramp schedules." Shares were down more than 4% in premarket trading on Thursday. However, the stock has surged 210% year to date as Nebius has seen an explosion in demand for its cloud computing services due to accelerating AI adoption. Bank of America's call falls in line with consensus on Wall Street. Of the 19 analysts covering Nebius, 13 have a buy or strong buy rating on the stock, LSEG data shows.