Investment bank B. Riley upgraded Core Scientific (CORZ) to buy from neutral and raised its price target on the stock to $30 from $17, citing strong standalone value and renewed momentum in high-performance computing (HPC).
The bank’s analysts expect shareholders to reject Core Scientific’s proposed merger with CoreWeave ( CRWV ) s, noting that the stock has lagged peers despite being an early mover into HPC.
Buy-rated TeraWulf ( WULF ) remains B. Riley’s top pick, with the target raised to $22 from $14.
The firm cited WULF’s more than 400 MW in customer contracts and about $4 billion in capital commitments, positioning it to benefit from ongoing growth in AI-related infrastructure.
As part of a broader sector revaluation, analysts raised price targets for HPC names by an average of 78% and boosted 2026 estimates by 5%, highlighting rising demand for power and data center capacity driven by AI deals, according to the report on Wednesday.
The bank raised its Riot Platforms ( RIOT ) price target to $28 from $16, while reiterating its buy rating on the stock. Buy-rated IREN’s ( IREN ) price target was raised to $74 from $29. Bitdeer’s (BTDR) target increased to $32 from $17, buy rating maintained. Bitfarms (BITF), also rated buy, received a price target increase to $7 from $3.
The group is up 418% since April, and recent pullbacks of around 15% offer re-entry points, the report noted.
Crypto-related stocks, particularly bitcoin miners turned AI infrastructure, suffered heavy losses on Wednesday.
Core Scientific shares fell 10%, TeraWulf, Riot, IREN and Bitdeer all fell 8-9%. Bitfarms was the worst performer, down 15% at press time.
Read more: CoreWeave CEO stands firm on $9 billion core science offering as shareholder opposition mounts
