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Canaccord Evaluates Core Scientific's Prospects

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by Giorgi Kostiuk

2 years ago

  1. Buy Rating for Core Scientific
  2. Significance of the CoreWeave Contract
  3. Factors Influencing Core Scientific's Stock Growth


    4. Brokerage firm Canaccord has initiated coverage of Core Scientific, one of the largest Bitcoin mining companies, with a 'buy' rating.

    Buy Rating for Core Scientific

    Brokerage firm Canaccord has given Core Scientific a 'buy' rating due to the company's prospects of becoming a significant player in the field of artificial intelligence (AI) hosting.

    Significance of the CoreWeave Contract

    According to Canaccord, the 12-year contract that Core Scientific signed with hyperscaler CoreWeave in June is a pivotal moment for the industry. This contract is considered the first major deal between a mining company and a high-performance computing (HPC) provider for AI hosting.

    Factors Influencing Core Scientific's Stock Growth

    Canaccord analysts highlight three positive drivers for Core Scientific's stock: ramping revenue in AI hosting, improved cash flow, and potential new site acquisitions. The price target for the stock is $16, with $12 attributed to the CoreWeave contract, $3 to additional AI hosting power supply, and $1 to the Bitcoin mining business.

    Core Scientific receives high marks from Canaccord analysts due to its strategic approach and potential in AI hosting.

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