It’s been a difficult year for crypto assets but Core Scientific is the place for investors to look “when crypto winter turns to spring,” Barclays says. Analyst Ramsey El-Assal initiated coverage of the crypto mining stock with an overweight rating and a $3 price target. He said in a note to clients that the bank remains positive on the long-term trajectory of Bitcoin and sees Core Scientific as one of the highest quality mining names in the field. “We remain positive on the long-term viability of BTC, and see CORZ as a best-in-class, leveraged play on the crypto ecosystem,” he said in a note to clients Tuesday. “Despite a challenging macro backdrop, we see compelling risk/reward at current price levels.” El-Assal also views Core Scientific’s seasoned management team and its geographic diversification as a differentiator from other industry players and says owning the stock is a way investors can leverage Bitcoin exposure. “CORZ’s size and efficiency is far ahead of many peers,” he wrote. “Given the relative value vs. other public miners, we believe CORZ is at a compelling entry point considering current price levels during this period of crypto volatility.” Amid this year’s cryptocurrency and market selloff, shares of Core Scientific have plummeted and are now 90% off their high. The $3 price target suggests shares could rally about 119% from Monday’s $1.37 closing price. Core Scientific’s stock rallied 8.7% premarket Tuesday. — CNBC’s Michael Bloom contributed reporting
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