Wall Street brokerage Bernstein has reaffirmed a “Buy” rating on TeraWulf (NASDAQ: $WULF) stock, along with a $36 U.S. price target.
The price target is 101% higher than where WULF stock currently trades.
Bernstein reiterated its bullish position on the stock after the Bitcoin (CRYPTO: $BTC) miner turned artificial intelligence (A.I.) data centre operator issued its second-quarter financial results.
TeraWulf’s latest print showed high-performance computing (HPC) revenue reaching $32 million U.S., or 71% of the company’s total sales.
Bernstein said that result demonstrates that TeraWulf’s pivot from pureplay Bitcoin miner to A.I. infrastructure operator is succeeding.
Lead crypto analyst Gautam Chhugani said TeraWulf’s management team is executing on its long-term growth strategy.
He notes that TeraWulf now has contracted revenue of $27 billion U.S. from three A.I. data centre tenants: Anthropic, Fluidstack, and Core42.
TeraWulf said in its earnings release that it has delivered 102 megawatts of power that is generating $180 million U.S. in annualized recurring revenue for the company.
Bernstein said it likes the set-up for TeraWulf after its latest earnings report.
WULF stock has risen 248% over the past 12 months to trade at $17.91 U.S. per share.
