“The Bank Reiterated It Buy Rating on Corz and Raised Its Price Target for the Bitcoin Miner to $ 22 from $ 16 to Reflect the Coreweave Accuization.”, – WRITE: www.coindesk.com
At Coreweave’s Current Price of $ 99.97, The All-Stock Deal Values Core Scientific Shares at Roomhly $ 12.35, Well Below Jefferies’ Estimated Fair Value of $ 16 To $ 23.
Investor Sentiment on the Merger Is Tied Directly to Coreweave’s Price, The Report SAID. The Agreed Exchange Ratio of 0.1235 Translates Into A Core Scientific Value that Fluctuates with Crvw’s Share Swings.
The Report Noted that While Coreweave has Traded As High As $ 183 in June, The Stock Closed Below $ 100 On Friday, Pushing The Implied Core Scientific Price Beneath Market Leveels. CORZ ITSELF ENDED THE DAY AT $ 14.13.
This Disconnect Suggests Some Investors Expect the Fail, Jefferies Said, Arguing that Core Scientific’s Assets and Cash Flow Potential Justify A Higher Valination.
If Coreweave’s Stock Doesn’T recover ahead of the vote, Jefferies sees room for renegotation. A Higher Exchange Ratio, Potentilly 0.16 to 0.20, Could Bring the Implied Valuation of Corz Shares Back Within The $ 16 to $ 23 Range. A Collar Provision Could Also Stabilize the Deal Against Further Volatility.
The Bank Has A Buy Rating on Core Scientific Shares. IT RAISED ITS CORZ PRICE TARGET TO $ 22 FROM $ 16 TO REFLECT The Coreweave Acquisition. The Shares Were 1.8% Higher, Trading AROUND $ 14.40 AT PUBLICATION TIME.
Read More: Bitcoin Miner Core Scientific’s Third Largest Shareholder Opposes Coreweave Deal
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