Markets
What to know:
- B. Riley upgraded Core Scientific to buy from neutral, raising its price target to $30. 🤯
- The firm kept TeraWulf as its top pick, boosting its price target to $22 amid AI-fueled HPC growth. 🚀
Investment bank B. Riley upgraded Core Scientific (CORZ) to buy from neutral, and raised its price target on the shares to $30 from $17, citing strong standalone value and renewed momentum in high-performance computing (HPC). Because nothing says “investment” like a Bitcoin miner with a PhD in data centers. 💻
The bank’s analysts expect shareholders to reject Core Scientific’s proposed merger with CoreWeave (CRWV) s, noting the stock has lagged peers despite being an early mover into HPC. 🤷♀️
Buy-rated TeraWulf (WULF) remains B. Riley’s top pick, with its target raised to $22 from $14. Because who needs a vacation when you can have a stock that’s basically a crypto-themed savings account? 💰
The firm cited WULF’s more than 400 MW in customer agreements and roughly $4 billion in capital commitments, positioning it to benefit from ongoing AI-related infrastructure growth. 🤖
As part of a broader sector revaluation, the analysts raised price targets for HPC names by an average of 78% and increased 2026 estimates by 5%, highlighting soaring demand for power and data center capacity driven by AI deals, according to the report on Wednesday. 📈
The bank lifted its Riot Platforms (RIOT) price target to $28 from $16, while reiterating its buy rating on the stock. Buy-rated IREN’s (IREN) price objective was raised to $74 from $29. Bitdeer’s (BTDR) target was increased to $32 from $17, buy rating maintained. Bitfarms (BITF), also rated at buy, received a price target increase to $7 from $3. Because nothing says “I’m a good investment” like a stock that’s 78% higher than last week. 🤯
The group has rebounded 418% since April, and recent pullbacks of around 15% offer re-entry points, the report noted. Because nothing says “opportunity” like a 15% drop. 📉
Crypto-related stocks, particularly bitcoin miners turned AI infrastructure plays, suffered heavy losses on Wednesday. 🚨
Core Scientific shares were down 10%, TeraWulf, Riot, IREN and Bitdeer all fell 8-9%. Bitfarms was the worst performer, down 15% at publication time. Because nothing says “I’m stable” like a 15% crash. 💸
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2025-10-22 21:16