Core Scientific, Inc. (NASDAQ:CORZ) is one of the 12 Best Mid-Cap AI Stocks to Buy According to Analysts. Bernstein analyst Gautam Chhugani increased the firm’s price target on Core Scientific, Inc. (NASDAQ:CORZ) from $24 to $32 and reaffirmed an Outperform rating on June 3. The price target revision follows an update to the firm’s valuation methodology. Instead of primarily valuing the company based on its Bitcoin mining operations, Bernstein is now assigning greater value to its AI infrastructure business as opposed to the previous Bitcoin mining business, especially as cryptocurrency sentiment is taking a hit.

A similar update came from Nick Giles of B. Riley on May 27, who revised his price target to $33 from $30. The reason wasn’t much different on that occasion either. The firm believes the speed at which the company is winning contracts from hyperscalers is impressive. The firm updated the price target after updating its models with these recent contracts, as well as the quarterly results. Both these analyst updates confirm CORZ’s status as a rising mid-cap AI stock.

Core Scientific, Inc. (NASDAQ:CORZ) operates digital Bitcoin mining and high-performance computing infrastructure. The company leverages its own fleet of computers, called miners, to earn Bitcoin for its own account and also provides hosting services for Bitcoin mining and high-performance computing customers at US-based operational data centers.

While we acknowledge the potential of CORZ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 12 Best Mid-Cap AI Stocks to Buy According to Analysts and 7 Best Data Centre GPU-as-a-Service Stocks To Buy.

Disclosure: None. Follow Insider Monkey on Google News.