Investment bank B. Riley has upgraded Core Scientific (CORZ) from neutral to buy, raising its price target to $30 from $17 due to strong standalone value and renewed momentum in high-performance computing (HPC).
The bank’s analysts predict that shareholders will reject Core Scientific’s proposed merger with CoreWeave (CRWV), as the stock has underperformed relative to peers despite being an early entrant in HPC.
B. Riley’s top pick remains buy-rated TeraWulf (WULF), with its price target increased from $14 to $22.
The firm noted WULF’s substantial customer agreements totaling over 400 MW and about $4 billion in capital commitments, positioning it well for growth in AI-related infrastructure.
In a broader sector revaluation, analysts have raised price targets for HPC stocks by an average of 78% and boosted 2026 estimates by 5%, driven by increasing demand for power and data center capacity linked to AI deals, according to a report released on Wednesday.
B. Riley also increased its price target for Riot Platforms (RIOT) to $28 from $16 while maintaining a buy rating. The price objective for buy-rated IREN (IREN) was lifted to $74 from $29. Bitdeer’s (BTDR) price target went up to $32 from $17, with a buy rating intact. Bitfarms (BITF), also rated as buy, saw its target rise to $7 from $3.
The group has surged 418% since April, and the recent declines of around 15% offer new entry points, the report highlighted.
Crypto-related stocks, especially bitcoin miners pivoting to AI infrastructure, faced significant losses on Wednesday.
Core Scientific shares dropped 10%, while TeraWulf, Riot, IREN, and Bitdeer all declined by 8-9%. Bitfarms experienced the largest drop, falling 15% at the time of publication.
Read more: CoreWeave CEO Stands Firm on $9B Core Scientific Offer as Shareholder Opposition Mounts
