- Canaccord initiated coverage of Core Scientific with a buy rating.The bitcoin miner is on the cusp of becoming a major player in AI hosting, the report said.The broker noted that Core Scientific has potential upside from its mining business.
Initially, Canaccord Genuity assigned a ‘Buy’ recommendation and set a target price of $16 for the cryptocurrency mining company. At the opening market, the stocks had climbed by 1.4%, reaching $12.15.
According to Canaccord, the 12-year agreement that the company entered with CoreWeave in June represents a significant shift. They consider it as the first “pioneering ‘mega deal,'” marking a milestone for bitcoin miners, which provides them with large-scale capacity for high-performance compute (HPC) data center hosting.
A hyperscaler refers to a massive data center that focuses on providing immense computational resources in great quantities.
According to analysts led by Joseph Vafi, Canaccord Genuity Group has found three key factors that could boost the company’s stocks:
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2024-09-23 13:38