H.C. Wainwright Turns Bullish on Core Scientific, Highlighting AI-Driven Data Center Boom

H.C. Wainwright Upgrades Core Scientific to ‘Buy,’ Citing Strong AI Infrastructure Growth
October 28, 2025

H.C. Wainwright raised its rating on Core Scientific (CORZ) from neutral to buy and issued a new $25 price target, highlighting the company’s growing opportunity in the AI-focused data center market.

Following the upgrade, shares of the bitcoin miner climbed 1.2% in early Tuesday trading to around $20.10.

In its report, the investment bank said Core Scientific’s proven ability to build and operate large-scale computing facilities positions it as a leading player in both crypto mining and high-performance computing (HPC) for artificial intelligence. The analysts said this dual expertise gives the company “a structural advantage” as AI infrastructure demand accelerates.

Based on fiscal 2026 revenue projections of $424 million, the $25 price target implies a market-cap-to-sales ratio near 19x, which H.C. Wainwright considers justified given Core’s growth trajectory through 2027.

The report acknowledged ongoing crypto-sector risks, including hashrate volatility, regulatory pressures, and digital asset price fluctuations, but said Core’s expanding HPC operations help offset those vulnerabilities.

The upgrade follows recent guidance from proxy advisers ISS and Glass Lewis, who recommended shareholders vote against CoreWeave’s takeover proposal at the upcoming October 30 meeting. H.C. Wainwright said this likely signals the end of the deal, freeing Core Scientific to pursue its independent expansion strategy.

“With a $10.2 billion, 12-year hosting partnership with CoreWeave and an established execution record, Core Scientific is exceptionally well-positioned to benefit from the next wave of AI data center buildouts,” the bank’s analysts wrote.