TeraWulf stock edges higher after B. Riley initiates with Buy rating; sees 158% upside

B. Riley analyst Lucas Pipes has initiated coverage of sustainable Bitcoin (BTC-USD) miner TeraWulf (NASDAQ:WULF) with a Buy rating and a one-year price target of $24 per share, implying 158% upside from Thursday's close. WULF stock is rising 4% is premarket trading Friday. "Despite the company's impressive growth profile, favorable ESG position, and low-cost power, WULF continues to look highly discounted compared to its peer group with the shares trading at 2.7x 2023E EV/EBITDA—below the peer group average of 3.7x for 2023E," Pipes wrote in a note to clients. The stock is down nearly 36% YTD and 20% M/M. Bitcoin (BTC-USD) is off 6% YTD but up almost 16% M/M. Recall that the company is expected to boost mining capacity through next year as it works on its vertical integration strategy. And management's proven track record could lead the company to "operate in areas such as intermittent power management or cloud computing," Pipes explained. At the beginning of March, TeraWulf