Investment bank Macquarie upgrades mining company Core Scientific's rating, raising the stock price by 90%

According to Coindesk, after the merger of the Nasdaq-listed Bitcoin mining company CoreWeave (CRWV) fell through, investment bank Macquarie upgraded Core Scientific (CORZ) from "neutral" to "outperform," raising the 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 a report that previous reports and proxy recommendations 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 a positive result, allowing Core Scientific to be more flexible in leasing its recent power capacity to AI tenants.