TeraWulf Inc. (WULF) is catching a bid after Wall Street decided there's still plenty of upside left in the Bitcoin mining stock. Keefe, Bruyette & Woods gave the company a meaningful vote of confidence on Wednesday, upgrading shares to Outperform and sending the stock higher.

Wall Street Turns More Bullish

Analyst Bill Papanastasiou at Keefe, Bruyette & Woods didn't just upgrade TeraWulf from Market Perform to Outperform. He also cranked the price target from $9.50 all the way up to $24, which is now the highest target on the Street. That's a pretty aggressive call, especially after the stock has already doubled over the past year.

The upgrade follows positive analyst sentiment from last week when Cantor Fitzgerald analyst Brett Knoblauch maintained an Overweight rating with an $18 price target. Overall, analysts seem to like what they're seeing here. TeraWulf currently has a consensus Buy rating with an average price target of $14.04, according to analyst data.

The Chart Tells a Complicated Story

If you look at the technicals, things get interesting. TeraWulf is trading about 14.3% below its 20-day simple moving average and 4.4% below its 100-day SMA, which suggests some recent softness. But zoom out a bit and the stock is still 45% above its 200-day SMA, showing that the longer-term trend remains intact.

Over the past year, shares have climbed nearly 103%, and they're currently sitting at about 62.7% of their 52-week range. That means the stock is closer to its highs than its lows, but there's still some distance from the peak.

The momentum indicators are sending mixed messages. The RSI is at 36.77, which is neutral territory, while the MACD is below its signal line, suggesting some bearish pressure. That combination could mean more volatility ahead in the near term.

Looking Ahead to Earnings

Investors have the next earnings report circled on their calendars for February 27, 2026. Analysts are expecting earnings per share of negative $0.15, which would be worse than the negative $0.08 from the same quarter last year. On the revenue side, though, things look better. The consensus estimate is $44.26 million, up from $34.98 million in the year-ago quarter.

With a consensus price target of $15.39, it seems analysts believe the stock might be trading at a slight premium to where fundamentals would suggest, but the overall sentiment remains positive.

ETF Exposure Worth Noting

If you're an ETF investor, TeraWulf might already be in your portfolio without you realizing it. The stock has meaningful positions in several funds:

• Invesco Dorsey Wright Technology Momentum ETF (PTF): 3.63% weight
• Bitwise Crypto Industry Innovators ETF (BITQ): 5.76% weight
• VanEck Digital Transformation ETF (DAPP): 4.90% weight

These aren't trivial positions, so what happens with TeraWulf can actually move the needle for these funds.

WULF Price Action: At the time of writing, TeraWulf shares were trading 2.78% higher at $11.47.