TeraWulf price target raised to $12 from $9 at Clear Street

Clear Street analyst Brian Dobson raised the firm’s price target on TeraWulf (WULF) to $12 from $9 and keeps a Buy rating on the shares. The colocation agreements with Fluidstack, supported by Google’s $1.8B lease backstop and equity stake, and 80-year ground lease at the Cayuga site in New York “materially enhance” TeraWulf’s long-term growth profile, the analyst tells investors in a research note. The firm upped its 2027E EBITDA expectations to reflect TeraWulf’s expanding high performance compute portfolio and sees potential upside to its outlook as it does not consider new business wins. Adding Fluidstack as a client, along with Google’s commitment, “will create significant momentum and increase the likelihood of additional contract wins going forward,” contends Clear Street.