Rosenblatt assumes ‘compelling HPC play’ TeraWulf with a Buy

As previously reported, Rosenblatt assumed coverage of TeraWulf (WULF) with a Buy rating and $4 price target telling investors that the stock “fits perfectly into our Bitcoin mining investment thesis with low power costs, an efficient fleet and strong balance sheet.” TeraWulf, despite being one of only three miners to actually sign a high-performance computing deal, has underperformed peers in the recent selloff due to concerns about its ability to execute as well as sector wide worries about the size of the AI opportunity, but the firm is “bullish on both,” the analyst added.