Core Scientific price target raised to $22 from $16 at Jefferies

Jefferies raised the firm’s price target on Core Scientific (CORZ) to $22 from $16 and keeps a Buy rating on the shares. CoreWeave’s (CRWV) current stock price near $100 implies about $12.35 per share in value for Core Scientific, which is below the firm’s assumed fair takeout price of $16-$23 per share, notes the analyst, who sees a higher likelihood of rejection if CoreWeave’s stock price remains around these levels when shareholders vote on the deal. If CoreWeave’s price does not rally, a renegotiation of the acquisition is possible, if necessary, adds the analyst, who would expect a higher exchange rate, with a collar to prevent the implied CoreWeave price from slipping past its fair value.