CORZ, CIFR, WULF, HUT Stocks Get Wells Fargo Nod As Bitcoin Miners Push Into AI Infrastructure

Wells Fargo initiated coverage of Core Scientific, Hut 8, Cipher Mining and TeraWulf with ‘Overweight’ ratings.

• Core Scientific received a $28 price target, with Wells Fargo focusing on its ability to convert announced AI deals into operating megawatts.
• Hut 8 received a $175 price target, with Wells Fargo highlighting 949 MW of contracted critical IT capacity and the credit quality of its tenants.
• TeraWulf received a $30 price target, with Wells Fargo pointing to 839 MW of contracted capacity across three tenants and its brownfield development strategy.

Wells Fargo is shifting the lens on bitcoin miners from hash rates to megawatts, initiating coverage of four companies whose AI infrastructure ambitions are becoming increasingly central to their businesses.

According to TheFly, the firm initiated coverage of Core Scientific (CORZ), Hut 8 (HUT), Cipher Mining (CIFR) and TeraWulf (WULF) with ‘Overweight’ ratings and highlighted contracted power, tenant quality and execution as key differentiators.

HUT stock gained around 4.5% in pre-market trade amid broader market strength following yesterday’s steep correction after the Federal Reserve hiked interest rates for the first time since 2023. Meanwhile, CORZ and WULF stock gained around 5%.