KBW upgrades TeraWulf to outperform, sees AI pivot as catalyst for sharp growth

Investment bank KBW upgraded TeraWulf (WULF) to "outperform" from "market perform" while raising its price target to $24 from $9.50. The bank said the market is underestimating the earnings upside from the company’s shift away from bitcoin (BTC) mining toward AI and high-performance computing (HPC) leasing. "We think investors underappreciate the magnitude of the BTC mining to HPC leasing mix shift in 2026-2027 and robust growth catalysts on 646 MW net of visible HPC leasing pipeline through 2027," wrot ...