Investment bank Macquarie upgrades Core Scientific's rating, raises stock price by 90%

ChainCatcher news, according to Coindesk, after the merger deal between Nasdaq-listed bitcoin mining company CoreWeave (CRWV) fell through, investment bank Macquarie upgraded Core Scientific (CORZ) from "Neutral" to "Outperform" and raised its target price by nearly 90%, from $18 to $34.

Core Scientific's stock price rose 4.5% in early trading to around $21.7. Analysts Paul Golding and Marni Lysaght wrote in the report that previous reports and proxy advice indicated shareholder opposition to the merger between Core Scientific and CoreWeave, so the failure of the merger was not surprising. The bank's analysts believe this outcome is positive, allowing Core Scientific greater flexibility to lease its near-term power capacity to AI tenants.