Canaccord Genuity raised its price target for Core Scientific (NASDAQ:CORZ) to $36 from $30. The firm maintained a "Buy" rating. This upgrade follows a multi-year partnership announcement with Advanced Micro Devices (AMD).
Other firms, including Needham, also increased their price targets. They cited the deal as a significant positive step.
The agreement provides AMD with over 500 megawatts of U.S. data center capacity. This capacity begins in 2027. It has the potential to scale up to 2.5 gigawatts.
The deal is a key part of Core Scientific's strategic pivot. The company is shifting from cryptocurrency mining to providing high-performance computing (HPC) and AI infrastructure. The companies will also collaborate on infrastructure design. This collaboration aims to deploy AMD's AI-focused Instinct GPUs and EPYC CPUs.