Core Scientific, Inc. (NASDAQ:CORZ) is one of the 13 Crypto Stocks with the Highest Upside Potential. On June 10, Needham analyst John Todaro raised the firm’s price target on Core Scientific, Inc. (NASDAQ:CORZ) to $18 from $16, keeping a Buy rating on the shares. The analyst reasoned that the market holds a “growing comfort” with the company as a counterparty.
He further told investors in a research note that there is a strong demand backdrop that should considerably outstrip supply over the coming five years, becoming positive for its bitcoin mining/HPC universe.
A close up of a computer screen showing a customer’s cryptocurrency account and transaction information.
The analyst reasoned that Core Scientific, Inc. (NASDAQ:CORZ) is accumulating market confidence in its operations and has an attractive valuation. These factors position it favorably in the market, especially compared to its peers. Despite these positive factors, it is trading at a discount, which justifies the price target update.
Core Scientific, Inc. (NASDAQ:CORZ) operates digital infrastructure for Bitcoin mining and high-performance computing. It operates specialized, purpose-built facilities for digital asset mining. The company leverages its own fleet of computers, called miners, to earn Bitcoin for its own account, and also provides hosting services for Bitcoin mining and high-performance computing customers at eight US-based operational data centers.
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