US bank upgrades TeraWulf price target, offers bullish mining prediction

A major investment bank said it was upgrading shares of TeraWulf to “outperform,” based in part on its "build-out" strategy.

Investment banking company Keefe, Bruyette & Woods has turned more bullish on Bitcoin miner TeraWulf, citing what it sees as a looming shift in the company’s business mix that investors have yet to fully price in.

In a Wednesday report, KBW said it upgraded TeraWulf (WULF) to “outperform” from “market perform” and raised the company’s share price target to $24 from $9.50. 

According to the bank, the reassessment was based on investors “underappreciat[ing] the magnitude of the BTC mining to HPC [high-performance computing] leasing mix shift in 2026-2027 and robust growth catalysts on 646MW net of visible HPC leasing pipeline through 2027." 

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