B. Riley Raises PT on Core Scientific (CORZ), Here’s What You Need to Know

Core Scientific, Inc. (NASDAQ:CORZ) is one of the AI Bubble Stocks to Short Now According to Reddit. Recently, on May 27, B. Riley analyst Nick Giles raised the firm’s price target on Core Scientific, Inc. (NASDAQ:CORZ) to $33 from $30 and kept a Buy rating on the shares.

​The analyst cited accelerating momentum in hyperscale data center contracting as one of the key reasons behind increased bullish sentiment. Nick Giles highlighted that the pace and scale of recent hyperscale deals have picked up meaningfully, thereby prompting him to update models to reflect new contract and site announcements alongside the latest quarterly results.

The firm noted that it is getting tougher to build new data centers due to NIMBY opposition, delays in connecting to the power grid, and shortages of electrical equipment. Because of this, investors are willing to pay more for companies that already have power secured and projects ready to go. The analysts believe that this is exactly where Core Scientific stands out.

​Although the stock has gained more than 120% over the past year, its short float remains high at more than 22%. Wall Street appears to be bullish as 94% of the 17 analysts covering the stock maintain a Buy rating. The average 12-month price target reflects around 8% upside from the current levels.

​Core Scientific Inc. (NASDAQ:CORZ) operates digital Bitcoin mining and HPC infrastructure. The company uses its own fleet of computers, called miners, to earn Bitcoin for its own account and also provides hosting services for Bitcoin mining and HPC customers at US-based operational data centers.

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