Core Scientific Upgraded to Outperform Following Failed CoreWeave Merger: Macquarie
Macquarie upgraded Core Scientific to outperform with a $34 target after the CoreWeave merger failed, citing leasing flexibility.Summary
Investment bank Macquarie upgraded Core Scientific (CORZ) from neutral to outperform and significantly raised its price target to $34 from $18 following the collapse of the proposed merger with CoreWeave (CRWV). Macquarie analysts viewed the failed deal positively, as it grants Core Scientific more flexibility to lease its substantial power capacity to AI tenants.
The bank noted that Core Scientific's 1.5 gigawatt (GW) portfolio includes capacity already leased and significant capacity under load study. Macquarie believes signing at least one new colocation customer by fourth-quarter earnings could accelerate revenue diversification.
Jefferies also maintained a buy rating with a $28 target, noting that Core Scientific exits the merger process with its power capacity intact and little capital expenditure tied to the defunct deal, positioning it well to sign new tenants and power contracts by year-end.
(Source：CoinDesk)