B. Riley Boosts Price Targets on HPC Stocks Amid AI Sentiment Uptick

B. Riley, a financial services firm, has raised price targets on four Bitcoin mining stocks that are shifting to AI infrastructure. The firms cited better AI sentiment, attractive valuations, and historical strong recoveries after similar pullbacks.

The analyst Nick Giles increased the price targets on Hut 8 (HUT) to $163 from $130, Core Scientific (CORZ) to $42 from $33, TeraWulf (WULF) to $40 from $32, and CleanSpark (CLSK) to $26 from $19. The 'Buy' ratings remain on all four stocks.

Giles stated that the recent selloff in HPC-linked mining stocks was overdone, citing historical rebound patterns and attractive valuations.

However, B. Riley lowered its price target on Strategy (MSTR) to $155 from $215. The firm also reduced the multiple it assigned to the stock, as well as the Bitcoin price used to model Strategy's valuation, which was lowered to $65,000 from $81,500.