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Bitcoin Miner Core Scientific Upgraded to Buy on AI Data Center Boom: H.C. Wainwright
The investment bank upgraded the stock to buy from neutral and set a new price target of $25.
Oct 28, 2025, 11:48 a.m.
What to know:
- H.C. Wainwright upgraded Core Scientific to buy with a new $25 price target, citing booming AI data center demand.
- The firm highlighted Core’s AI and crypto infrastructure expertise and its $10.2 billion CoreWeave hosting deal as key growth drivers.
- Proxy firms’ opposition to CoreWeave's acquisition of the company is seen as a positive, allowing Core Scientific to expand its HPC operations independently, the report said.
Investment bank H.C. Wainwright upgraded bitcoin miner Core Scientific (CORZ) to buy with a new $25 price target, citing accelerating demand for AI-ready data center infrastructure.
The shares were 1.2% higher in early trading, around $20.10.
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Core Scientific’s experience in developing large-scale facilities for both crypto and artificial intelligence gives it a critical edge in the high-performance computing (HPC) market, the bank said in the Tuesday report.
On a $424 million estimate for fiscal 2026 revenue, the target implies an almost 19x market-cap-to-sales multiple, which H.C. Wainwright viewed as justified by strong growth potential through 2027.
The bank noted typical crypto-related risks, including hashrate volatility, digital asset prices and regulatory exposure. Core’s scale and increasing HPC revenue help offset those concerns, it said
The upgrade follows a recommendation by proxy advisers ISS and Glass Lewis for shareholders to vote against CoreWeave’s proposed acquisition ahead of an Oct. 30 meeting. H.C. Wainwright said it believes that effectively ends the deal.
The bank's analysts sees this as a positive, allowing Core to focus on expanding its own HPC infrastructure.
With its $10.2 billion, 12-year CoreWeave hosting deal and proven execution speed, the analysts said Core Scientific remains among the best positioned to capitalize on one of the most significant technology buildouts of the AI era.
Read more: Bitcoin Miner Core Scientific Upgraded to Buy as HPC Momentum Builds: B. Riley
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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