Core Scientific Inc, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Kevin Dede from H.C. Wainwright upgraded the rating on the stock to a Buy and gave it a $25.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Kevin Dede has given his Buy rating due to a combination of factors that highlight Core Scientific Inc’s strategic positioning and potential for growth. The company’s proven ability to rapidly develop compute-focused infrastructure at low cost, coupled with its expertise in artificial intelligence compute build and strong customer acquisition and retention, are key elements supporting this positive outlook.
Furthermore, despite recent revenue shortfalls primarily due to overly optimistic expectations related to the CoreWeave deal, the foundational $10.2 billion, 12-year HPC hosting agreement with CoreWeave remains a significant opportunity. The broader industry context of increasing demand for high-performance computing infrastructure, driven by transformative technology adoption cycles, also underpins the Buy rating. These factors collectively suggest a promising trajectory for Core Scientific, warranting the upgrade from Neutral to Buy with a $25 price target.
In another report released yesterday, Compass Point also reiterated a Buy rating on the stock with a $28.00 price target.