Core Scientific rated Strong Buy with 40% upside on AI infrastructure growth and new contracts.

Core Scientific is rated a Strong Buy with a price target of $28, suggesting a 40% upside. The growth is driven by the ramp-up of CoreWeave, a new AMD contract, better power monetization, and a shift away from bitcoin mining. The analyst estimates potential EBITDA of $1.2 billion by 2028, valuing the company using a sector median EV/EBITDA multiple. Key risks include construction delays, financing costs, and customer concentration.