Craig-Hallum bullish on Core Scientific, initiates with a Buy

As previously reported, Craig-Hallum analyst George Sutton initiated coverage of Core Scientific (CORZ) with a Buy rating and $24 price target Following the CoreWeave deal, Core Scientific has set the benchmark for smaller players with access to power breaking into the AI/HPC market, the firm says. With $8.7B in high margin revenue already contracted, Craig-Hallum sees ample upside relative to the $15 stock price as the company moves through their power pipeline. Given that they are now a proven operator, the firm thinks this pipeline will be met with enthusiasm from large tech and AI cloud companies and anticipates a flywheel of deals over the coming years. With great access to power, an exceptional management team, and proven technical capability, Core Scientific is a clear leader in our AI Infrastructure investment opportunity, Craig-Hallum adds.