BTIG Hikes Core Scientific Target to $33 on Power Expansion

BTIG raised its price target on Core Scientific (CORZ) to $33 from $23, maintaining a Buy rating, following the company's announcement of approximately 1.2 gigawatts of approved power capacity for the current year. The upgrade reflects the broker's optimism about Core Scientific's expanding infrastructure, which now includes a new 430-megawatt facility in Hunt County, Texas. This development increases Core Scientific's power infrastructure in the Dallas metropolitan area to roughly 825 megawatts.

For traders, Core Scientific's aggressive capacity expansion signals growing demand for energy-intensive computing, particularly in bitcoin mining and high-performance computing. The company's ability to secure large-scale power capacity in Texas, a state with a deregulated energy market, positions it to capitalize on low electricity costs. As Core Scientific scales its operations, investors should monitor its ability to convert this capacity into revenue and earnings growth. For real-time pricing on commodities like electricity futures or bitcoin, check NowPrice's live quotes.

Looking ahead, Core Scientific's next catalyst will be its Q2 earnings report, where investors will look for updates on utilization rates and new customer contracts. The company's expansion in Texas also aligns with broader trends in the data center and crypto mining sectors, where access to cheap power is a key competitive advantage. Needham also raised its target to $29 on May 7, indicating growing analyst confidence. Traders should watch for further capacity announcements and any regulatory developments in Texas's energy market.