Compass Point upgraded Core Scientific to Buy from Neutral with a price target of $8.50, up from $1. The analyst updated the company’s model after it emerged from Chapter 11 bankruptcy. The firm believes Core Scientific is on more solid footing post-emergence, with less debt, lower mandatory debt service, and sufficient capital to finish expansion projects put on hold due to bankruptcy. Despite this, the shares have declined 40% since they started trading, the analyst tells investors in a research note. Compass believes the selloff presents a good buying opportunity, especially for investors who have a longer time horizon.
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