Rosenblatt has a stark message for investors in Google-backed stock

Key Points

A five-star Wall Street analyst just reiterated his Buy call on TeraWulf and his price target implies something investors may not be expecting.

The bitcoin mining stock carries a consensus rating that virtually no analyst on Wall Street disagrees with right now.

Here’s why one top-ranked analyst says WULF’s upside case still has plenty of room to run from current levels.

Rosenblatt Securities just doubled down on one of bitcoin mining’s most closely watched stocks and the message for investors couldn’t be clearer.

Chris Brendler, a five-star analyst at Rosenblatt Securities who ranks #1,189 out of more than 12,000 Wall Street analysts tracked by TipRanks, reiterated his Buy rating on TeraWulf Inc. (WULF) on March 19, 2026, maintaining a price target of $23 — implying 52.32% upside from the stock’s last close of $15.10.

Related: Bankrupt crypto exchange to repay $2.2B on March 31

TeraWulf operates industrial-scale bitcoin mining facilities powered primarily by nuclear and hydroelectric energy, a structural cost advantage that has drawn sustained attention from Wall Street even as the broader crypto mining sector has been hammered by Bitcoin’s price volatility.

On Aug. 18, 2025, Google increased its stake in TeraWulf to 14% from 8%, strengthening its equity position.

As part of the deal, Google committed up to $3.2 billion in total backing, including an additional $1.4 billion.

The agreement also allows Google to purchase up to 32.5 million TeraWulf shares.

Brendler’s Rosenblatt reiteration comes as WULF trades roughly 18% below its 52-week high of $18.51, and nearly 630% above its 52-week low of $2.06.

The stock’s beta of 3.14 makes that volatility official. WULF moves more than three times as sharply as the broader market in either direction.

TeraWulf’s latest financials show a company still burning cash but building scale. Here’s what the numbers show:

Market cap — $6.42 billion, placing WULF firmly in mid-cap territory among bitcoin mining peers

Enterprise value — $8.35 billion, reflecting significant debt the company has taken on to fund facility buildouts

Total cash — $3.27 billion on hand as of the most recent filing

Total debt — $5.20 billion, a leverage load that bears watching as interest rates remain elevated

Diluted EPS estimate — -$1.66, confirming the company is pre-profitability at current Bitcoin prices

Beta — 4.30, meaning WULF amplifies every major move in the crypto market

The company’s energy strategy remains its core differentiator. Unlike rivals that rely on fossil fuels, TeraWulf’s Lake Mariner and Nautilus Cryptomine facilities run on nuclear and hydro power — keeping electricity costs structurally lower and positioning WULF as one of the more ESG-compliant names in the bitcoin mining sector.

Brendler is far from alone in his conviction. The broader analyst community tracking WULF is uniformly bullish right now:

Consensus rating — Strong Buy, based on 9 analyst ratings in the past three months

Buy / Hold / Sell split — 9 Buy, 0 Hold, 0 Sell — no analyst is telling investors to hold or exit

Average price target — $25.50 (+54.80% upside from $16.46)

Highest price target — $30.00

Lowest price target — $21.00

The risk here is real and it sits directly on Bitcoin’s price. TeraWulf’s entire revenue model depends on the value of the bitcoin it mines — and with an EPS of -$0.19 and $5.20 billion in debt on the books, any sustained decline in Bitcoin prices could compress WULF’s cash runway faster than its construction timeline allows.

Brendler’s 47% success rate on TipRanks means fewer than half of his calls have been profitable in the past year — a track record investors should weigh alongside the 52.32% upside embedded in his $23 target.

The next major catalyst arrives on May 18, 2026, when TeraWulf reports first-quarter 2026 earnings. Any guidance on mining hashrate growth, energy costs, or facility expansion at Lake Mariner will likely move the stock sharply — given WULF’s beta of 3.14, in either direction.

Related: Market tumble sends investors scrambling: Here’s what to do now

This story was originally published by TheStreet on Mar 23, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.