B. Riley Raises Price Targets on HPC Stocks, Cuts MSTR Target
Analyst Nick Giles from B. Riley recently raised price targets on four Bitcoin miners shifting to AI infrastructure, while lowering the target of a pure crypto player.
The stocks in question are Hut 8 (HUT), Core Scientific (CORZ), TeraWulf (WULF), and CleanSpark (CLSK). Giles increased price targets on these stocks, citing better AI sentiment, attractive valuations, and history of strong recoveries after similar pullbacks.
The analyst raised the price target on Hut 8 to $163 from $130, Core Scientific to $42 from $33, TeraWulf to $40 from $32, and CleanSpark to $26 from $19. Giles kept 'Buy' ratings on all four stocks, saying that the pullback in HPC stocks was overdone.
On the other hand, B. Riley cut the price target on Strategy (MSTR) to $155 from $215. The firm lowered the Bitcoin price it used to model Strategy's valuation to $65,000 from $81,500, a 25% drawdown since the first quarter. The company also reduced the multiple it assigned to the stock.