TD Cowen initiated coverage of TeraWulf (WULF) with a Buy rating and a $21 price target on Monday, implying about 52.5% upside from Friday's close of $13.77. Analyst Michael Elias argues the market undervalues the AI data center business by applying a 9% cap rate, which he considers too high because the risk is lower than that rate suggests. Fluidstack, a key tenant, has part of its lease payments guaranteed by Google, which also received warrants for an estimated 8% stake. Among the 24 analysts covering WULF, the average 12-month price target is $33.58, and TD Cowen's target sits about 37% below that average. The stock has fallen about 54% from its 52-week high of $29.84 but is up nearly 20% so far this year.
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