KBW upgrades TeraWulf (WULF) rating to "Outperform" and raises the target price from $9.50 to $24. KBW points out that the market has underestimated the company's benefits from shifting from Bitcoin mining to artificial intelligence and high-performance computing (HPC) leasing business. Analyst Stephen Glagola emphasizes that the company will have a 646 MW HPC project backlog by 2027, which is expected to drive its EBITDA compound annual growth rate to 505% from 2025 to 2027, and become its main revenue source in 2026, making the mining business insignificant by 2027.

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