H.C. Wainwright Lifts Core Scientific to ‘Buy,’ Pointing to Strong AI Infrastructure Growth
October 28, 2025
Investment bank H.C. Wainwright has upgraded Core Scientific (CORZ) from neutral to buy, raising its price target to $25, citing accelerating momentum in the AI data center market as a major growth catalyst for the company.
Shares of the bitcoin miner climbed 1.2% in early trading Tuesday, trading near $20.10 after the announcement.
According to the bank’s analysts, Core Scientific’s proven ability to develop and operate large-scale, high-performance computing (HPC) facilities gives it a meaningful advantage as demand for AI-ready infrastructure expands. The report described Core as “strategically positioned to benefit from one of the largest technology buildouts of the decade.”
H.C. Wainwright’s $25 target is based on fiscal 2026 revenue estimates of $424 million, implying a market-cap-to-sales multiple of around 19x—a valuation the firm considers justified given Core’s growth outlook through 2027.
The analysts acknowledged the usual crypto-sector risks, including bitcoin price volatility, hashrate fluctuations, and regulatory uncertainty, but said Core’s growing HPC revenue stream provides diversification that strengthens its long-term fundamentals.
The upgrade also follows recommendations from proxy advisers ISS and Glass Lewis for shareholders to reject CoreWeave’s proposed acquisition ahead of the October 30 vote. H.C. Wainwright said the move effectively ends the buyout effort, viewing it as a positive development that allows Core to maintain independence and focus on its infrastructure expansion.
“With a $10.2 billion, 12-year hosting contract with CoreWeave and a consistent record of operational execution, Core Scientific stands out as one of the best-positioned firms to capitalize on the accelerating AI data center boom,” the analysts wrote.
