Core Scientific upgraded by B Riley following high-performance computing deals

B Riley has upgraded Core Scientific (CORZ) to 'buy' from 'neutral' and increased its price target to $13, up from $0.50, citing the company's promising future in high-performance computing (HPC) hosting. The Dover, Delaware-based firm recently secured a significant agreement with CoreWeave, enhancing its HPC capabilities. According to Coindesk this deal and potential future agreements are expected to significantly contribute to Core Scientific's growth, excluding the previously announced Austin contract, which alone is valued at $2.3 billion for 270 megawatts of committed service. B Riley analysts highlighted the strategic benefit of these partnerships, especially the financial arrangement with CoreWeave to cover capital costs for HPC upgrades.