KBW has upgraded TeraWulf (WULF) to 'Outperform', raising its price target from $9.50 to $24. The upgrade reflects the firm's confidence in TeraWulf's strategic shift from Bitcoin mining to AI and high-performance computing (HPC) leasing. Analyst Stephen Glagola emphasized the company's projected 646 megawatts of HPC capacity by 2027, which is expected to drive a 505% compound annual growth rate (CAGR) in EBITDA from 2025 to 2027. This transition is anticipated to make HPC leasing TeraWulf's primary revenue source by 2026, with mining operations becoming negligible by 2027. The market has reportedly underestimated the revenue potential of this shift, positioning TeraWulf for significant growth in the coming years.