So CoreWeave's stock got hammered after earnings. You know how this goes: a company misses a guidance number, and the market throws a fit. But according to HC Wainwright analyst Kevin Dede, everyone might be overreacting.

Dede is sticking with his Buy rating and a $180 price target for CoreWeave Inc (CRWV). His argument is pretty simple: look past the short-term noise and focus on the massive backlog of business. In his view, the third-quarter results actually showed "encouraging prospects."

Let's look at the numbers. Revenue for the quarter came in at $1.36 billion, which is up 13% from the prior quarter. More importantly, the company's remaining performance obligations (RPO) and total revenue backlog hit $50 billion and $55.6 billion, respectively. That backlog jumped a whopping 85% sequentially. Dede says that surge is thanks to "large-scale, multiyear compute contracts" with big-name customers, specifically naming Meta and OpenAI.

So why did the stock tank 17%? CoreWeave lowered its fourth-quarter guidance. The reason? A delay in delivering on a contract. It's the classic "good news, bad news" earnings report. The good news is you have tons of future business. The bad news is you're pushing some of it into next year.

Dede's take is that the delay is "only a minor issue" that doesn't really change the outlook for next year. He points to "consistently high demand for compute resources" and growing recognition of CoreWeave's chops in AI development. In other words, the fundamental demand story for AI infrastructure is still rock-solid. The market's dramatic selloff, he says, was just an "over-reaction."

At the time of the report, CoreWeave shares were down slightly, trading at $87.94. That's a far cry from Dede's $180 target, which suggests he sees a pretty significant upside if his thesis plays out. The bet here is that a temporary shipping delay for one contract doesn't derail a long-term story built on the AI boom.