H.C. Wainwright analyst Kevin Dede reiterated a Buy rating on Core Scientific Inc (CORZ – Research Report) today and set a price target of $17.00.
Kevin Dede’s rating is based on Core Scientific Inc’s strategic focus on developing its high-performance computing (HPC) infrastructure, despite the challenges faced in the timeline for deployment. The company has demonstrated strong execution capabilities and has secured significant contracts, such as the extended CoreWeave contract, which indicates a robust demand for its HPC services.
Additionally, Core Scientific’s financial position, with a substantial cash reserve, supports its ability to invest in new infrastructure and meet future contract demands. The company’s efforts to diversify its HPC customer base and its strategic location choices for new properties further strengthen its growth potential. Despite some delays in HPC deployment, the company’s long-term prospects and strategic initiatives justify the Buy rating and the $17 price target.
According to TipRanks, Dede is a 4-star analyst with an average return of 3.9% and a 39.72% success rate. Dede covers the Technology sector, focusing on stocks such as Digihost Technology, Exodus Movement, Inc. Class A, and BIT Mining.
In another report released today, KBW also maintained a Buy rating on the stock with a $22.00 price target.