John Todaro, an analyst from Needham, maintained the Buy rating on TeraWulf Inc. The associated price target remains the same with $21.00.
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John Todaro has given his Buy rating due to a combination of factors tied to TeraWulf’s evolving business model and growth visibility. He highlights that the company is rapidly repositioning itself from a traditional miner toward a high‑performance computing and AI infrastructure provider, supported by an experienced management team. TeraWulf already has a substantial amount of IT load under contract and a clear plan to add significant incremental capacity each year, which provides a multi‑year runway for revenue expansion.
Todaro also points to the company’s disciplined approach to site selection, focusing on repurposing existing industrial locations with robust power infrastructure, which shortens development timelines and reduces execution risk. Management’s comments suggest that industry lease economics are trending favorably, with expectations for at least as attractive, if not better, terms on future deals. In addition, ongoing advanced negotiations for new sites, along with potential near‑term co‑location tenant agreements and active discussions with major counterparties, offer identifiable catalysts. Together, these elements underpin Todaro’s conviction that the risk‑reward profile supports a Buy rating on TeraWulf shares.
In another report released on December 31, KBW also upgraded the stock to a Buy with a $24.00 price target.