H.C. Wainwright Upgrades Core Scientific to ‘Buy,’ Citing Strong AI Data Center Demand
October 28, 2025

H.C. Wainwright has upgraded Core Scientific (CORZ) from neutral to buy, setting a new price target of $25, as the investment bank sees rising demand for AI-driven data center infrastructure fueling long-term growth.

Shares of the bitcoin miner were up 1.2% in early trading Tuesday, hovering around $20.10 following the report.

The bank said Core Scientific’s dual expertise in cryptocurrency mining and artificial intelligence computing positions it uniquely in the high-performance computing (HPC) space. “Core’s infrastructure footprint and operational track record give it a significant competitive edge as AI data workloads scale,” the analysts wrote.

Based on fiscal 2026 revenue estimates of $424 million, H.C. Wainwright’s $25 target reflects a market-cap-to-sales multiple of nearly 19x, a valuation it considers warranted given the company’s growth trajectory through 2027.

The firm acknowledged typical risks tied to the crypto sector—including hashrate volatility, digital asset price fluctuations, and regulatory uncertainty—but said Core’s expanding HPC business helps mitigate these challenges.

The upgrade also comes shortly after proxy advisers ISS and Glass Lewis urged shareholders to vote against CoreWeave’s proposed acquisition ahead of the October 30 meeting. H.C. Wainwright believes this effectively ends the takeover attempt, freeing Core Scientific to focus on scaling its own infrastructure.

“With its $10.2 billion, 12-year hosting agreement with CoreWeave and proven execution capabilities, Core Scientific is among the best positioned players to benefit from the AI data center boom,” the analysts concluded.