Citizens JMP raised the firm’s price target on TeraWulf (WULF) to $22 from $18 and keeps an Outperform rating on the shares. TeraWulf announced the creation of a joint venture in Abernathy, Texas with Google (GOOGL)-backed Fluidstack for development of a 168 MW campus with $9.5B of contracted revenue over the course of 25 years, representing the first new development beyond its existing legacy footprint, the analyst tells investors in a research note. TeraWulf has now become a key component of the rapidly developing AI arms race and other deals similar to it are likely to follow, the firm contends.
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