Citizens JMP Downgrades Core Scientific (CORZ) to Market Perform From Outperform

Core Scientific, Inc. (NASDAQ:CORZ) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On July 14, Citizens JMP downgraded Core Scientific, Inc. (NASDAQ:CORZ) to Market Perform from Outperform without a price target.

The rating was announced after and reflects the recently announced all-stock merger, as CoreWeave announced on July 7 an agreement to acquire Core Scientific in an all-stock deal valued at $9 billion.

The analyst told investors in a research note that the upside to Core Scientific, Inc. (NASDAQ:CORZ) is now limited, as a higher bid from another company appears unlikely.

Core Scientific, Inc. (NASDAQ:CORZ) operates digital infrastructure for Bitcoin mining and high-performance computing. It operates specialized, purpose-built facilities for digital asset mining.

The company leverages its own fleet of computers, called miners, to earn Bitcoin for its own account, and also provides hosting services for Bitcoin mining and high-performance computing customers at eight US-based operational data centers.

While we acknowledge the potential of CORZ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.