Core Scientific Stock Drops Nearly 9% After Analyst Downgrade
On July 27, Core Scientific (NASDAQ: CORZ) experienced a nearly 9% decline as analyst Bill Papanastasiou from Keefe, Bruyette & Woods downgraded the stock to 'market perform' from 'outperform.' The downgrade was accompanied by a reduced price target of $25 per share. Analysts cited concerns over stalled progress in Core Scientific's pivot toward AI data center operations and its lack of new colocation leases for 17 months. The company plans to spend around $2 billion on acquisitions and development this year, but the absence of fresh business activity has raised doubts about execution capabilities. As a result, investors are seeking signs that Core Scientific can catch up with industry peers who have successfully transitioned into AI infrastructure.
Tickers: $CORZ
Topics: AI data centers analyst recommendation change Core Scientific stock downgrade