Core Scientific (CORZ) is well-positioned to gain new customers as CoreWeave (CRWV) "looks forward to continuing its commercial partnership" with the company despite the termination of their merger agreement, Macquarie Equity Research said in a note emailed Friday.

Core Scientific also commented that the hosting agreement terms and scope are anticipated to continue as agreed upon originally, Macquarie said.

The firm noted that Core Scientific also expects to sign at least one new colocation customer by Q4 earnings.

The company's confidence in executing the colocation deal suggests that more capacity is tangible, the firm said.

Macquarie upgraded Core Scientific to outperform from neutral and raised its price target to $34 from $18.

Shares of Core Scientific were up 4%, while those of CoreWeave rose over 2% in recent trading.

Price: 21.70, Change: +0.96, Percent Change: +4.63