Core Scientific: Poised to Harness AI Demand with Strong Market Position
Jefferies has rated Core Scientific as a 'buy' with a price target of $19, highlighting the company's strong potential in capturing demand from AI sectors.
Jefferies has commenced coverage on Core Scientific (CORZ) with a buy rating and a $19 price target.
The report states that the company is well positioned to capitalize on the growing demand from AI firms due to its substantial power capacity and an adept data center development team. Core Scientific's mining operations are noted as being profitable and increasingly efficient.
Analysts Jonathan Petersen and Jan Aygul suggested:
"We expect that many big tech companies will be closely watching the CoreWeave developments and successful execution will convince decision makers to sign future development leases with CORZ."
In June, Core Scientific entered a significant deal by signing a 12-year contract with CoreWeave, marking a notable agreement in the industry. As the bitcoin miner diversifies its tenant base to other major companies, it is anticipated to continue enhancing its operations efficiently, although a major expansion is not expected.
For further insights, you can read about how Bitcoin Miners Are Pivoting to AI to Survive. Core Scientific Entered the Race Years Ago here.
