TD Cowen 以买入评级首次覆盖 TeraWulf（WULF），但股价盘中逆势下跌约1%

TD Cowen initiated coverage of TeraWulf ( WULF ), the bitcoin miner-turned-data center operator, with a Buy rating, betting on potential long-term multiple upside on the AI demand boom. Analyst Michael Elias sees three key points backing his thesis: Its 839 MW contracted data center portfolio trades at a ~9% implied cap rate, compared with the ~5% for Digital Realty ( DLR ) and Equinix ( EQX ) and the 5.75-6.50% at which stabilized hyperscale assets have traded privately; however, Alphabet's Google ( GOOGL ) is obligated to assume the Fluidstack lease on its AA+ credit should Fluidstack fail, and management expects the 401 MW AI lab lease to be backed by an investment-grade credit. The market appears to be assigning no value to TeraWulf's ( WULF )  ~2.1 GW expansion pipeline, made up of ~800 MW at Muskie, where power is contracted, and ~1.3 GW where power is not yet secured. TD Cowen sees the ~800 MW at Muskie entering the strike zone of leasability in mid-2027, the next leasing catalyst for the stock. "Third, we view valuation as attractive, with the implied ~9% cap rate narrowing over time as the market gains comfort with the backstop structures and a broader set of comps emerges for remote-market data centers leased to newer customers," Elias wrote in a note to clients. TD Cowen's Buy rating on WULF contrasts with the SA Quant rating of Sell and aligns with the average SA Analyst rating of Buy and the average Wall Street rating of Strong Buy. Even with the new bullish rating, TeraWulf ( WULF ) stock slipped 1.3% in Monday morning trading.