Citi’s latest analysis projects further upside for TeraWulf despite its already substantial 12‑month rally, with the bank initiating coverage and assigning a buy rating. The price target of $36 suggests a potential gain of 39.4% from Friday’s closing price. TeraWulf’s rapid ascent — over 500% in the past year — has shifted its focus from cryptocurrency mining toward energy infrastructure that powers high‑performance computing systems essential for artificial intelligence development. Michael Rollins, lead analyst, notes that supply constraints for large‑scale deployments persist, with transmission bottlenecks in key metros and growing community opposition to data‑center projects. Nevertheless, TeraWulf is positioning itself to develop and commercialize 250–500 MW of data‑center capacity annually by repurposing industrial sites and leveraging existing grid allocations for hyperscale facilities targeting HPC and AI workloads. While risks remain regarding project timelines, funding, and execution speed, Rollins argues that the current valuation understates the company’s multi‑year growth prospects. Following Citi’s upgrade, TeraWulf’s shares rose more than 3%. Overall, analysts remain bullish, with LSEG data indicating that all 17 covering entities rate the stock a buy or strong buy.
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