Feb. 14 at 4:23 PM
$WULF AI now has the Morgan Stanley upgrade?
Morgan Stanley Initiates Coverage: Overweight,
$37 PT (Feb 9)
What happened:
MS starts coverage with
$37 price target (127% upside from
$16.26)
Overweight rating = high conviction
Stock jumped 20%+ on the news
Why MS is bullish:
1. Strategic infrastructure play — not just Bitcoin mining
2. Feb 2: WULF acquired two brownfield sites in KY/MD for
$200M
3. Portfolio now = 2.8 GW capacity across 5 sites (642.5 MW contracted, 2.2 GW pipeline)
4. They're building power infrastructure = diversified revenue beyond crypto volatility
Thesis:
BTC mining stocks get hammered with crypto
WULF is pivoting to infrastructure + power assets
MS sees them as less exposed to BTC, more exposed to data center/AI power demand
At
$16, you're paying for mining; at
$37, you're valuing the infrastructure portfolio
MS sees WULF as infrastructure play disguised as BTC miner.
$37 PT = betting on power assets, not just crypto. Stock up 127% from
$7 lows, MS says another 127% to go.