B. Riley raised the firm’s price target on TeraWulf (WULF) to $23 from $22 and keeps a Buy rating on the shares. TeraWulf’s Q3 results beat expectations with adjusted EBITDA of $18.1M, despite a sharp stock decline, reflecting strong progress at Lake Mariner and ongoing builds at WULF Den, CB-1, and CB-2, the analyst tells investors in a research note. The company is increasing its annual HPC contract target to 250-500MW and advancing site acquisitions and financing plans, supporting its colocation growth and credit profile.
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