TeraWulf assumed with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage of TeraWulf (WULF) with an Overweight rating and a price target of $7, up from $4. The analyst, who is assuming coverage of the Bitcoin mining sector, remains optimistic about the group and contends TeraWulf is “unique in that it has the second-lowest gross power rates,” behind only Cipher Mining (CIFR), but ranks second-to-last in the firm’s cost-per-coin analysis due to other cash costs, namely interest expense. The firm expects TeraWulf to add additional miners once its balance sheet is in a better position, the analyst noted.