Keefe Bruyette upgraded TeraWulf (WULF) to Outperform from Market Perform with a price target of $24, up from $9.50. The firm believes investors are underestimating the magnitude of TeraWulf’s bitcoin mining to high performance compute leasing mix shift in 2026 and 2027. The company’s existing leases can drive 505% annual EBITDA growth through 2027 and a “positive inflection” in pre-tax return on invested capital, enabling multiple expansion, the analyst tells investors in a research note. Keefe sees a “compelling risk/reward asymmetry” at current share levels.
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