Canaccord Genuity Initiates Buy on Core Scientific with Upside

A recent report indicates that Canaccord Genuity has issued a 'Buy' recommendation for Core Scientific, projecting a price increase of 27.63%, bolstered by anticipated annual revenue of $614 million, despite a slight negative EPS forecast, likely influencing investor sentiment positively.

Date: 24-09-2024

AI Rating: 5

The report outlines that Canaccord Genuity has initiated coverage of Core Scientific, Inc. - Equity Right with a 'Buy' recommendation, hinting at a potential positive turn for investors. The analyst price forecast suggests a 27.63% upside from the current price of $0.32/share, indicating a bullish sentiment towards the stock.

Furthermore, the projected annual revenue of $614 million is a strong indicator of the company's market potential, although the reported non-GAAP EPS is -0.01, suggesting losses. This negative EPS might raise concerns among conservative investors but could be seen as a temporary setback in light of the revenue forecast.

Investor interest appears to be stable, with only two funds reporting positions, holding a combined total of 1,010K shares. A significant decrease of 70.87% in total shares owned by institutions in the past three months could signal caution among large investors. However, the average portfolio weight increased by 87.76%, indicating that those staying invested are committing greater resources.

Stocks: CORZR