Jefferies raises price target for Bitcoin mining company Core Scientific to $22

Jefferies (an investment bank) released a report stating that the proposed merger between Bitcoin mining companies Core Scientific (CORZ) and CoreWeave faces valuation misalignment, and if CoreWeave's stock price remains depressed, shareholders may reject the deal. The report raised CORZ's target price from $16 to $22 to reflect the acquisition's impact. Furthermore, if CoreWeave's stock price does not recover before the vote, the deal terms may need to be renegotiated, including increasing the exchange ratio or introducing price protection mechanisms. CORZ's current share price is approximately $14.40, offering significant upside potential.