CandleFocus BTC Miner Core Scientific Uniquely Positioned to Capture AI Demand, Initiate at Buy: Jefferies
2024-10-28
Author: Content Editor
Investment bank Jefferies has initiated coverage of bitcoin miner Core Scientific, giving it a buy rating and a price target of $19. The bank believes that Core Scientific is well positioned to capture the growing demand from AI companies due to its large available power supply and strong data center development team. Jefferies also noted that Core's mining operations are profitable and getting more efficient. The company recently signed a 12-year AI contract with CoreWeave, and while future AI deals may not be as favorable, they are still expected to be accretive.
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