Core Scientific is poised to gain more clients for its high-performance computing infrastructure business, which could boost its shares, according to Citizens. The investment firm upgraded Core Scientific rating to market outperform from market perform. Its price target of $30 implies 121% upside. "We believe CORZ's power pipeline provides a solid foundation to secure additional HPC lease agreements with new customers beyond CoreWeave (CRWV, MO, $180 PT), enabling the company to capture the accelerating demand for HPC infrastructure amid the persistent power constraints in the industry and reinforcing the company's strategic positioning in the rapidly evolving data center landscape," Greg Miller Citizens analyst Greg Miller said Thursday in a note to clients. The company also has the opportunity to secure more favorable contract terms as it deepens its dealmaking with artificial intelligence firms and other clients, despite its failed merger with cloud computing firm CoreWeave. Shareholders voted against the proposed merger in October 2025. "We believe deals that have been announced subsequent to the termination of the CoreWeave deal demonstrate that value creation favors suppliers of data center capacity, with more favorable terms being disclosed with each passing contract signing," Miller wrote, adding that Core Scientific remains "undervalued." Citizens' rating on Core Scientific is in line with other analysts' calls. Of the 19 shops on the Street that cover the stock, 14 have a buy or strong buy on shares, per LSEG. Core Scientific gained about 3% in premarket trading on Thursday. Shares have plunged 19% over the past three months as investors pared bets on the AI trade amid valuation concerns.
