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CORZ Stock Gets AMD Boost, While HUT, CIFR, WULF Shares Win Tenant Nod As Wells Fargo Backs Bitcoin Miners’ AI Pivot
Wells Fargo initiated coverage of Core Scientific, Hut 8, Cipher Mining and TeraWulf with ‘Overweight’ ratings.
Prabhjote Gill·Stocktwits
Published Sep 17, 2026 | 8:41 AM EDT
- 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%.
CIFR stock led gains among the cohort, jumping higher by over 6% in early morning trade after an over 10% rally in the previous session. However, on Stocktwits, retail sentiment around all four names trended in ‘bearish’ territory over the past day.
Core Scientific Leads On Converting Deals Into Megawatts
Wells Fargo analyst Eric Luebchow initiated coverage of Core Scientific with an ‘Overweight’ rating and a $28 price target, calling the company the industry leader in converting announced deals into operating megawatts.
The firm also pointed to Core Scientific’s pipeline with Advanced Micro Devices (AMD), saying the relationship should translate into incremental near-term leasing, diversify the company’s customer base, and provide a reservation pipeline.
Core Scientific and AMD announced a partnership in July covering 530 MW of initial capacity across five sites, with the potential to expand the relationship to 2.5 GW. The initial agreements represent more than $14 billion in base contracted revenue over 15 years.
Hut 8, TeraWulf Draw Focus On Tenant Quality
Wells Fargo also initiated coverage of Hut 8 with an ‘Overweight’ rating and a $175 price target. Luebchow said Hut’s contracted backlog is among the highest quality in the sector.
Hut 8 has 949 MW of critical IT capacity contracted with two tenants across two campuses, with Wells Fargo describing the credit quality of the contracted book as “arguably the best in the space.”
TeraWulf received an ‘Overweight’ rating and a $30 price target. Wells Fargo noted the company’s track record and the quality of its contracted and pipeline sites.
TeraWulf has contracted 839 MW of capacity across three tenants. Wells Fargo said that the company’s developed sites on brownfield locations with multiple high-voltage transmission connections could potentially reduce development costs relative to traditional greenfield projects.
Cipher Offers Higher Risk, Higher Potential
Cipher Mining received an ‘Overweight’ rating and a $25 price target, with Wells Fargo describing the company as a “high-risk/high-reward name.”
The firm noted that Cipher is the only high-performance computing name in its coverage that trades at a premium to contracted net asset value. That premium leaves less room for execution mistakes, but Wells Fargo sees significant upside if the company can deliver on its pipeline.
The firm also highlighted Cipher’s tenant base, calling it one of the highest-quality across the sector.
Read also: SK Hynix Says It’s ‘Exploring Options,’ Denies Any Finalized Intel Chip Deal
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