Core Scientific price target raised to $19 from $16 at Macquarie

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.