Summary
- H.C. Wainwright said it upgraded Core Scientific's investment opinion to 'Buy'.
- It set a target price of $25 and noted a structural competitive advantage from expanding demand for AI-dedicated data centers.
- While there are risks in the cryptocurrency mining industry, Core Scientific's HPC revenue growth largely offsets them.
U.S. investment bank H.C. Wainwright has upgraded its investment rating on Bitcoin (BTC) miner Core Scientific from 'neutral' to 'buy'.
On the 28th (local time), according to CoinDesk, Wainwright upgraded its investment opinion on Core Scientific from neutral to buy. In addition, it set a target price of $25. It added, "Core Scientific is one of the few companies that simultaneously has experience in cryptocurrency mining and building AI high-performance computing (HPC) infrastructure," and "it has a structural competitive advantage in the phase of expanding demand for AI-dedicated data centers."
The report estimates fiscal 2026 revenue at $424 million, and said the $25 target price corresponds to a market-cap-to-sales multiple of about 19x. Wainwright explained that "considering the clear growth potential through 2027, this valuation is justified."
Wainwright also said, "there are risks specific to the virtual asset (cryptocurrency) mining industry, hashrate volatility, digital asset prices, and regulatory exposure," but added that "Core Scientific's scale and rapidly increasing HPC revenue offsets much of these risks."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
