Core Viewpoint - Core Scientific, Inc. (CORZ) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Impact - The Zacks rating system is based on the changing earnings picture of a company, specifically tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, making the Zacks rating system valuable for investors [3][5]. - The recent upgrade for Core Scientific indicates an improvement in the company's underlying business, which is expected to positively influence its stock price [6]. Earnings Estimate Revisions - Core Scientific is projected to earn -$3.87 per share for the fiscal year ending December 2024, reflecting a year-over-year change of -2176.5% [9]. - Over the past three months, the Zacks Consensus Estimate for Core Scientific has increased by 105.9%, indicating a positive trend in earnings estimates [9]. Zacks Rating System - The Zacks Rank stock-rating system categorizes stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - The upgrade to Zacks Rank 2 places Core Scientific in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [11].
What Makes Core Scientific, Inc. (CORZ) a New Buy Stock