Bernstein Raises PT on Core Scientific (CORZ)

Core Scientific, Inc. (NASDAQ:CORZ) is one of the Best Up and Coming AI Stocks to Buy Now. Recently, on June 3, Bernstein raised its price target on the stock from $24 to $32 and maintained an Outperform rating on the shares. Earlier on May 27, B. Riley also raised the price target on Core Scientific, Inc. (NASDAQ:CORZ) from $30 to $33 and maintained a Buy rating on the shares.

​Bernstein noted that the update in price target comes as a result of the firm’s updated valuation methodology, which now focuses on the company’s AI infrastructure business, rather than its bitcoin mining operations. This shift comes as Core Scientific reallocates power capacity away from bitcoin mining and toward AI infrastructure.

On the other hand, B. Riley noted that the recent pace and scale of hyperscale contracts have accelerated sharply, which the firm believes is a positive sign for the company. The firm highlighted updating its models to reflect recent deal announcements, site developments, and quarterly results.

​The analyst pointed out that NIMBY opposition and electrical equipment shortages have shifted from background risks to real, material constraints on data center development. This supply-side friction works in Core Scientific’s favor as companies that can reliably secure and deliver power capacity are becoming increasingly valuable in a market where development bottlenecks are tightening.

​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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