Core Scientific Earns ‘Buy’ Upgrade From H.C. Wainwright on Surging AI Data Center Demand
October 28, 2025
H.C. Wainwright has upgraded Core Scientific (CORZ) from neutral to buy and raised its price target to $25, citing accelerating demand for AI-powered data center infrastructure as a key growth driver.
Shares of the bitcoin mining firm rose 1.2% in early trading to around $20.10 following the upgrade.
The investment bank said Core Scientific’s extensive experience in developing large-scale computing facilities for both digital assets and artificial intelligence workloads gives it a strategic advantage in the high-performance computing (HPC) space. “Core’s ability to serve both markets efficiently sets it apart as AI infrastructure investment accelerates,” the analysts noted.
Based on projected fiscal 2026 revenue of $424 million, H.C. Wainwright’s $25 target implies a market-cap-to-sales multiple of nearly 19x, a valuation the bank considers reasonable given strong growth expectations through 2027.
The report acknowledged typical crypto-related risks—including hashrate fluctuations, regulatory challenges, and digital asset price volatility—but said Core’s increasing share of HPC revenue provides balance and reduces exposure to bitcoin market cycles.
The upgrade also follows recommendations from ISS and Glass Lewis urging shareholders to vote against CoreWeave’s proposed acquisition ahead of the October 30 meeting. H.C. Wainwright believes the vote likely marks the end of the deal, allowing Core to remain independent and focus on expanding its data center operations.
“With a $10.2 billion, 12-year hosting agreement with CoreWeave and proven execution capabilities, Core Scientific is well positioned to capitalize on the next phase of AI infrastructure growth,” the analysts concluded.
