Citi Starts TeraWulf at Buy With $36 Target as Sees 39.4% Upside
Updated
Updated · CNBC · Jun 29
Citi Starts TeraWulf at Buy With $36 Target as Sees 39.4% Upside
3 articles · Updated · CNBC · Jun 29
Summary
$36 is Citi's new price target for TeraWulf, and the bank started coverage with a buy rating, sending the shares up more than 3%.
Citi argues the stock still has room to run because TeraWulf is shifting from a crypto-mining story to energy infrastructure for HPC and AI data centers.
Michael Rollins said power-transmission bottlenecks and growing local resistance to new data centers are constraining supply, creating an opening for developers with existing grid access.
250-500 MW of annual data-center capacity is the path Citi sees TeraWulf building, though it flagged execution and funding risks as the company races to complete major projects.
More than 500% is TeraWulf's 12-month gain, yet Wall Street remains broadly bullish: all 17 analysts tracked by LSEG rate the stock buy or strong buy.