Core scientist (Corz) He reported weaker income from what was expected but exceeded Ebitda estimates adjusted in its 2025 results of the second quarter. However, the main approach remains its proposed fusion with the coreweave cloud supplier (CRWV)that is scheduled for a shareholders’ vote in the fourth quarter, said the investment bank Jefferies in a research report on Monday.
At the current Price of Coreweave of $ 99.97, the scientific actions of the offers of the entire stock of approximately $ 12.35, well below the estimated fair value of Jefferies from $ 16 to $ 23.
The feeling of investors in the fusion is directly linked to the price of Coreweave, according to the report. The agreed change ratio of 0.1235 translates into a central scientific value that fluctuates with CRVW’s participation changes.
The report noted that, although Coreweave has negotiated up to $ 183 in June, the action closed below $ 100 on Friday, which drives the central scientific price implicit below market levels. Corz himself ended the day at $ 14.13.
This disconnection suggests that some investors expect the agreement to fail, Jefferies said, arguing that Core Scientific assets and the cash flow potential justify a higher assessment.
If Coreweave actions do not recover before the vote, Jefferies sees space for renegotiation. A higher change ratio, potentially 0.16 to 0.20, could bring the implicit assessment of Corz’s shares in the range of $ 16 to $ 23. A collar will also stabilize the agreement against greater volatility.
The bank has a purchase rating in central scientific actions. Corz’s target price increased to $ 22 from $ 16 to reflect the acquisition of Coreweave. The shares were 1.8% higher, quoting around $ 14.40 at the time of publication.
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