H.C. Wainwright analyst Kevin Dede reiterated a Buy rating on Core Scientific Inc (CORZ – Research Report) today and set a price target of $17.00.
Kevin Dede has given his Buy rating due to a combination of factors that highlight Core Scientific Inc’s strategic positioning and growth potential. A significant driver behind this rating is the company’s relationship with CoreWeave, a key high-performance computing (HPC) customer, which recently secured a substantial $12 billion deal with OpenAI. This partnership underscores Core Scientific’s integral role in supporting CoreWeave’s expanding compute access, expected to increase significantly in the coming years.
Furthermore, CoreWeave’s recent filing for an initial public offering at a high valuation signals its strong market presence and potential for future growth, which in turn benefits Core Scientific. Despite some market uncertainties and challenges in infrastructure development, Core Scientific’s reputation for strong execution and its transition towards a more stable HPC revenue model justify the Buy rating and the $17 price target. The anticipated rebound in bitcoin prices and the company’s strategic moves to diversify its customer base further support this positive outlook.
According to TipRanks, Dede is a 3-star analyst with an average return of 0.7% and a 37.02% success rate. Dede covers the Technology sector, focusing on stocks such as Canaan, Exodus Movement, Inc. Class A, and BIT Mining.
In another report released today, Roth MKM also maintained a Buy rating on the stock with a $23.00 price target.
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