TeraWulf price target raised to $11 from $7.50 at Roth MKM

Roth MKM raised the firm’s price target on TeraWulf (WULF) to $11 from $7.50 and keeps a Buy rating on the shares. The firm is updating its model as the company is in advanced negotiations for its 72.5MW of HPC capacity, which should see an announcement by year-end, the analyst tells investors in a research note. That capacity amounts to about $92M in annual recurring revenue, and with TeraWulf’s enhanced balance sheet, enabled further potential high-performance computing scale via free cash flow and future project financing, Roth added.