KBW upgrades TeraWulf to outperform, sees AI pivot as catalyst for sharp growth

The bank raised its its price target on the shares to $24 from $9.50. What to know : KBW upgraded TeraWulf to outperform from market perform and lifted its price target from $9.50 to $24. The bank said AI and HPC leasing will eclipse bitcoin mining as the company's main earnings driver. Rapid EBITDA growth and valuation upside is expected as lease revenues scale.