Analyst Joseph Vafi of Canaccord Genuity maintained a Buy rating on Core Scientific Inc (CORZ – Research Report), with a price target of $17.00.
Joseph Vafi has given his Buy rating due to a combination of factors that highlight Core Scientific Inc’s strategic growth and potential for future revenue generation. The company has expanded its significant contract with CoreWeave, adding an additional 70 MW of capacity in Denton, Texas. This expansion is expected to generate an additional $1.2 billion in revenue, bringing the total project revenue with CoreWeave to $10.2 billion over the 12-year contract term.
Furthermore, Core Scientific is making strides in diversifying its revenue streams and expanding its data center operations, including a new facility in Alabama. Despite some short-term delays in project timelines, the company remains on track to deliver substantial data center capacity by late 2025. This progress, coupled with the potential for new contracts driven by the demand from hyperscalers and AI cloud providers, supports the positive outlook for Core Scientific’s stock.
According to TipRanks, Vafi is a 5-star analyst with an average return of 23.7% and a 46.62% success rate. Vafi covers the Technology sector, focusing on stocks such as Alight, Concentrix, and Strategy.
In another report released today, KBW also maintained a Buy rating on the stock with a $22.00 price target.