BTIG has raised its price target on crypto miner Core Scientific Inc (NASDAQ: CORZ) to $15 from $10, citing its new data center contracts and growth potential in the Bitcoin mining space.
BTIG has raised price target for Core Scientific (NASDAQ: CORZ) to $15, up from $ 10 previously. The new price target is driven by Core Scientific's recent data center contracts and the growth potential in the Bitcoin mining sector. of138EH,outoftheglobalhashrateof600EH.Thehashrateisexpectedtogrowto153EHby2025,drivenbynewrigsthatwillimprovefleetefficiency.Bitcoinpricecurrentlytradesat$62,000,up45%year-to-date,whileminers'marginsbenefitfromhigherprices .Meanwhile, Core Scientific announced a 200 MW high-performance computing (HPC) contract with Core Weave, followed by an additional 70 MW of data center contracts. The news has pushed Core Scientific stock up by nearly 90% in recent weeks. ulfisupover100%andIrisisuparound70%overthisperiod.ThereportalsohighlightstheincreasingdemandforpoweraccessamongpubliclylistedBTCminers,drivenbydatacentercompanies."Forevery100MWofpowerconvertedorpowered-upforHPC,that's5-6EHlessfortheglobalhash," thereportsaid .SitevisitstoRiot'sCorsicanafacility,whichtargetsaround1GW,andCoreScientific'sDentonfacilityshowedthattheindustrializationofBTCmininghasarrived,thereportnoted.Riot'sCorsicanafacilityisexpectedtoreach31EHbytheendofthisyearand41EHby2025.ThereportalsoincludesinvestordiscussionswithBitdeer,whichshowafocusondesigning mining rigs and converting existing facilities for HPC computing. "The low-hanging fruit is its Washington facility, near Microsoft (NASDAQ: MSFT) data center, with potential conversions in Ohio and Norway," the reports said. BTIGestimates the value of Core Scientific's 286MWoffixedHPCcontractsat$9-$10pershare,assuminga15xEBITDAmultiple." DatacenterREITsaretradingatabout20xEBITDAon2025,"thereportadds.Withatargetof500MWforHPCby2028,BTIGexpectsanadditional$5persharevalue,justifyingthenewpricetargetof$15.
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