Macquarie raised the firm’s price target on Core Scientific (CORZ) to $19 from $16 and keeps an Outperform rating on the shares. Core, like peers Cipher Mining (CIFR) and Riot Platforms (RIOT), missed market forecasts for revenue and adjusted EBITDA in Q3 on network difficulty. However, recent refinancing provides dry powder for site optimization and the company is focused on expanding its portfolio via more power at existing sites and acquisition of new sites, including greenfields, the analyst tells investors. The re-rating in the sector drives the increase in the firm’s price target, the analyst added.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CORZ:
- Crypto executives lobby Trump, allies to capitalize on election, NY Times says
- Crypto Currents: Crypto firms report Q3 earnings
- Core Scientific management to meet virtually with Compass Point
- Core Scientific, Inc call volume above normal and directionally bullish
- Core Scientific price target raised to $17 from $16 at B. Riley