CORZ, RIOT and CLSK Earn PT Hikes at Bernstein

Wall Street broker Bernstein has significantly increased its price targets for several U.S.-listed bitcoin miners, arguing they are becoming integral to the Artificial Intelligence (AI) value chain due to their large-scale power infrastructure being critical for AI data centers. Analysts shifted their valuation methodology from discounted cash flow (DCF) to a sum-of-parts approach, incorporating bitcoin holdings, mining EBITDA, AI co-location/cloud revenues, and the potential value of power sites for AI data centers.

Specifically, Bernstein hiked Core Scientific's (CORZ) target to $24 from $17, citing its pivot to high-performance computing (HPC) colocation. Riot Platforms (RIOT) saw its target raised to $25 from $19 due to the AI potential of its Corsicana site, and CleanSpark (CLSK) was lifted to $24 from $20 as it pursues a hybrid bitcoin-AI model. Bernstein rates IREN, CORZ, RIOT, and CLSK as outperform, noting that the market is re-rating miners with active or potential AI contracts as key enablers of next-generation computing infrastructure.

(Source：CoinDesk)