Core Scientific price target raised to $20 from $19 at BTIG

BTIG raised the firm’s price target on Core Scientific to $20 from $19 and keeps a Buy rating on the shares. Data centers are helping drive the biggest U.S. grid transformation since utilities connected across state lines in the 1920s, the analyst tells investors in a research note. The firm says U.S. data center capacity is expected to grow at 10% annually over the next five years, which should help drive U.S. power demand growth 2% annually over this period. The lead times in connecting to the grid and the need for prompt power are forcing power users to pay up for access to grid power with Core Scientific (CORZ) already benefiting, while Bloom Energy (BE) customers can go behind the meter with the company’s natural gas fuel cell offering, contends BTIG.