Core Scientific Analyst Emphasizes 'Access To Power' In Bitcoin Mining Assets - Deal With CoreWeave Under Focus
Portfolio Pulse from Nabaparna Bhattacharya
Cantor Fitzgerald analyst Brett Knoblauch initiated coverage on Core Scientific, Inc. (NASDAQ:CORZ) with a price forecast of $20. Core Scientific announced a significant deal with CoreWeave, leasing 270 MW for 12 years, generating $4.725 billion. The deal is unique as CoreWeave will fund the entire capex buildout. Core Scientific has earmarked additional capacity for AI/HPC, potentially generating substantial revenue and profits. Despite the positive outlook, CORZ shares are currently trading lower by 5.17% to $11.10.
July 17, 2024 | 6:19 pm
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Cantor Fitzgerald initiated coverage on Core Scientific with a $20 price target. A significant deal with CoreWeave will generate $4.725 billion over 12 years. Despite the positive outlook, CORZ shares are down 5.17% to $11.10.
The initiation of coverage with a $20 price target and the significant deal with CoreWeave are positive indicators for Core Scientific. The deal's unique structure and potential for substantial revenue and profits support a positive short-term outlook. However, the current share price decline suggests market volatility or other external factors affecting the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100