KBW Upgrades TeraWulf's Rating Amid Bitcoin Mining Transition

According to PANews, investment bank Keefe, Bruyette & Woods (KBW) has upgraded its rating for Bitcoin miner TeraWulf (WULF) from 'market perform' to 'outperform.' The target stock price has been increased from $9.5 to $24. KBW's reassessment is based on the belief that investors have underestimated the extent of the transition from Bitcoin mining to high-performance computing (HPC) leasing business between 2026 and 2027. The bank anticipates strong growth driven by a net 646-megawatt HPC leasing project expected by 2027.