What's Going On With Core Scientific Shares Thursday
Portfolio Pulse from Vaishali Prayag
Core Scientific (NASDAQ: CORZ) shares surged after rejecting an unsolicited acquisition proposal from CoreWeave, which offered $5.75 per share. Core Scientific deemed the offer undervalued and not in shareholders' best interests. The company remains focused on its contracts with CoreWeave, expecting significant revenue from HPC hosting. BTIG maintained a Buy rating and raised its price target to $10.
June 06, 2024 | 5:57 pm
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Core Scientific rejected an unsolicited acquisition proposal from CoreWeave, considering it undervalued. The company remains focused on its high-performance compute (HPC) hosting contracts, which are expected to generate significant revenue. BTIG maintained a Buy rating and raised its price target to $10.
The rejection of the acquisition proposal indicates Core Scientific's confidence in its valuation and future revenue streams from HPC hosting. The positive analyst rating and increased price target further support a bullish outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100