Core Scientific Upgraded to Outperform Following Failed CoreWeave Merger: Macquarie

Why It Matters

The upgrade signals confidence that Core Scientific can broaden its AI‑hosting revenue base and reduce dependence on a single tenant, enhancing growth prospects for the crypto‑mining‑to‑AI transition sector.

Summary

Macquarie upgraded Core Scientific (CORZ) to Outperform from Neutral and lifted its price target to $34, roughly a 90% increase from the prior $18, after the CoreWeave merger collapsed. The failed deal gives the bitcoin‑miner‑turned‑AI‑infrastructure firm flexibility to lease its 1.5 GW power portfolio to other AI tenants, and management aims to sign at least one new colocation customer by Q4. Shares rose about 4.5% to $21.70 in early trading. Jefferies also maintains a Buy rating with a $28 target, emphasizing revenue diversification away from CoreWeave.