TeraWulf price target lowered to $2 from $5 at B. Riley

B. Riley analyst Lucas Pipes lowered the firm’s price target on TeraWulf to $2 from $5 and keeps a Buy rating on the shares. The analyst updated estimates following the company’s equity raise to complete the buildout of its Lake Mariner and Nautilus facilities. While TeraWulf’s ramp comes at a later stage than its peers, the company’s target power cost of $35/MWh would put it in the first quartile of the North American cost curve, the analyst tells investors in a research note.