B. Riley upgraded Core Scientific (CORZ) to Buy from Neutral with a price target of $30, up from $17. The firm sees a high likelihood that Core Scientific shareholders will vote down the pending takeover by CoreWeave (CRWV). Investors are unhappy with the floating exchange ratio and absence of a cash component, the analyst tells investors in a research note. B. Riley points out that while Core Scientific shares are trading at premium to the office price, the shares have lagged peers significantly as valuations in the high performance compute have substantially re-rated. The firm’s $30 price target reflects a standalone value for Core Scientific .
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