Bitcoin Miner Core Scientific Upgraded to Buy on AI Data Center Boom: H.C. Wainwright

Core Scientific Upgrade - Investment bank H.C. Wainwright upgraded Core Scientific (CORZ) to buy with a new price target of $25, driven by increasing demand for AI-ready data center infrastructure [1] - Core Scientific's expertise in developing large-scale facilities for both cryptocurrency and artificial intelligence provides a competitive advantage in the high-performance computing (HPC) market [1] Financial Projections - The $25 price target is based on a projected revenue of $424 million for fiscal 2026, implying a market-cap-to-sales multiple of nearly 19x, which is considered justified due to strong growth potential through 2027 [2] - Core Scientific's scale and rising HPC revenue are seen as mitigating factors against typical crypto-related risks such as hashrate volatility and regulatory exposure [2] Strategic Focus - The upgrade follows a recommendation from proxy advisers ISS and Glass Lewis for shareholders to vote against CoreWeave's proposed acquisition, which H.C. Wainwright believes effectively ends the deal [2] - This situation allows Core Scientific to concentrate on expanding its own HPC infrastructure, positioning it well to benefit from significant technology advancements in the AI era [3]