BTIG upgraded Core Scientific to Buy from Neutral with an $8 price target. The firm cites the company’s continued execution and its expectation of a firming bitcoin price for the upgrade. The latter should allow Core Scientific to aggressively deleverage as warrants are exercised accelerating the company’s deleveraging strategy, the analyst tells investors in a research note. BTIG believes the exercise of the tranche 1 warrants offers a clear path for debt retirement and an upward re-rating in the stock.
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