TeraWulf initiated with a Buy at Rosenblatt

Rosenblatt initiated coverage of TeraWulf with a Buy rating and $4.20 price target. The firm says TeraWulf is its preferred way to allocate to bitcoin below spot prices, “particularly among a not so shareholder-friendly” public peer set. While the industry will shrink following the halving, TeraWulf is “built to last” with access to industry-leading power cost and fleet efficiency, vertical integration through sustainable and scalable sites, and a “best-in-class” management team with the highest levels of insider ownership in the space, the analyst tells investors in a research note. The firm calls TeraWulf its top mining pick.