Wells Fargo Starts Terawulf Inc. (WULF) at Overweight

Wells Fargo analyst Eric Luebchow initiates coverage on Terawulf Inc. (NASDAQ: WULF) with a Overweight rating and a price target of $30.00.

The analyst comments "We initiate TeraWulf (WULF) with an Overweight rating and $30 PT. We have a favorable view of WULF's management track record and the quality of its contracted + pipeline sites, with differentiated low-latency connectivity back to key East Coast hubs. 839 MW Contracted Backlog Worth $15/Share. WULF has contracted 839 MWs of capacity with 3 different tenants, anchored by a +378 MW lease with Fluidstack (Google support) and a +401 MW lease with Anthropic (IG-credit support expected). WULF was able to brownfield develop these sites with multiple high-voltage transmission line connections at a lower cost than a traditional greenfield site. At our applied cap rates of ~6.5-7.0%, we estimate WULF's contracted NAV is worth ~$15/share in NPV value."

For an analyst ratings summary and ratings history on Terawulf Inc. click here. For more ratings news on Terawulf Inc. click here.

Shares of Terawulf Inc. closed at $15.39 yesterday.

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