Wells Fargo initiated coverage of Core Scientific (CORZ) with an Overweight rating. The bank set a price target of $28 for the company. Analysts cited a strategic transition from bitcoin mining to AI data center infrastructure.
Core Scientific currently leads the sector in converting AI deals into operational capacity. The company announced a 15-year agreement with AMD for AI workload services. This partnership was established in July 2026.
The deal represents a potential revenue pipeline of over $14 billion. Wells Fargo’s valuation focuses on megawatts of power and tenant quality. These metrics signal a fundamental shift away from traditional crypto mining analysis.