KBW upgraded TeraWulf (WULF) to outperform and raised its price target to $24 from $9.50, citing an underestimated earnings upside as the company shifts from Bitcoin mining to AI and high-performance computing (HPC) leasing. KBW highlighted a 646 MW HPC leasing pipeline through 2027, expects over two‑thirds of revenue to come from HPC in 2026, projects a 505% EBITDA CAGR from 2025–2027, and says mining will be largely immaterial by 2027. The bank noted secured financing and a delivery track record reduce execution risk and attributed recent share weakness to sector-wide selling (shares near $11.18 in early trading).

KBW's upgrade and large price-target increase (from $9.50 to $24) are bullish signals; the firm cites a 646 MW HPC leasing pipeline, >2/3 of revenue from HPC in 2026, a projected 505% EBITDA CAGR (2025–2027), and reduced execution risk due to secured financing — all concrete drivers that could re-rate the stock. The summary also notes current shares near $11.18 and that recent weakness reflects sector selling rather than company fundamentals.