B. Riley Raises Core Scientific Target to $13, Citing Growth Prospects

IconCryptoNewsTerminal Staff17 Jul, 2024

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B. Riley Raises Core Scientific Target to $13, Citing Growth Prospects

B. Riley Securities has upgraded its rating on Core Scientific (NASDAQ: CORZ) to "buy" from "neutral," citing the company's strategic partnerships and expansion plans. The investment bank also raised its price target on the stock to $13 from $0.50, reflecting its bullish outlook on Core Scientific's growth prospects. The upgrade comes on the heels of CoreWeave's recent announcement that it has extended its partnership with Core Scientific to provide high-performance computing (HPC) hosting services. Core Scientific has also been expanding its HPC hosting business, which is expected to drive growth in the coming years. Analysts at B. Riley believe that Core Scientific is well-positioned to benefit from the growing demand for HPC services, particularly in the areas of artificial intelligence and machine learning.

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