B. Riley analyst Lucas Pipes raised the firm’s price target on TeraWulf to $5 from $3 and keeps a Buy rating on the shares. The analyst believes the recent appreciation in digital asset mining equities reflects more bullish views on bitcoin, with recent pricing stability increasing confidence. The firm updated estimates for TeraWulf to reflect the higher hash rate. As the company continues to scale, it has shown strong execution in recent months from both a utilization and power cos perspective, the analyst tells investors in a research note.
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