Here is Why Core Scientific Inc. (CORZ) is Strongly Favored by Analysts

Core Scientific Inc. (NASDAQ:CORZ) is one of the best bitcoin mining stocks to buy according to Hedge Funds.

At close of play on December 24, the consensus ratings project a bullish market view for Core Scientific Inc. (NASDAQ:CORZ). Of the 13 analysts who provided coverage on the stock, 12 have assigned Buy ratings, and 1 gave a Hold call. As per analyst forecasts, the median 1-year price target for the stock stands at $28.27, implying a potential upside of 81.6% at the prevailing level.

On December 18, Citizens JMP analyst Gregory Miller upgraded his rating on Core Scientific Inc. (NASDAQ:CORZ). The analyst gave a Buy call with a target price of $30, resulting in a very attractive upside potential of circa 93%.

According to a report from the Wall Street Journal, Core Scientific (NASDAQ:CORZ) is one of the bitcoin mining companies that is transitioning towards AI-enabled data centers. This move is aimed towards diversifying income streams due to the volatile nature of crypto markets. In that regard, the company has been aggressively penning down deals with large AI businesses to gain faster access to data centers instead of building them on their own. In Huang’s view, such a strategic move would offer “new source of deep-pocketed customers” to Core Scientific (NASDAQ:CORZ).

Core Scientific Inc. (NASDAQ:CORZ) leverages on high-density computing solutions for large-scale bitcoin mining. The company uses purpose-built data centers for mining and also hosts services for third-party clients. The company is currently focusing on making a transition towards larger AI-based revenue streams through competitive pricing for operational power.

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.