Terawulf Inc. (NASDAQ:WULF) is one of the crypto stocks with huge upside potential. On March 12, analysts at Keefe Bruyette & Woods reiterated an Outperform rating on Terawulf Inc. (NASDAQ:WULF) and cut the price target to $23 from $24.

Keefe Bruyette & Woods lowered their price target following Terawulf Inc.’s disappointing fourth-quarter 2025 results, which showed a 29% drop in revenue to $35.8 million, driven largely by reduced Bitcoin production. Digital revenue in the quarter dropped to $26.1 million from $43.4 million in the same quarter a year ago. The significant revenue drop was due to reduced mine output as the company continues to optimize its miner spacing for high-performance computing operations.

Nevertheless, Terawulf Inc.’s transition towards artificial intelligence and high-performance computing has been positively received. Keefe Bruyette & Woods has already raised revenue projections based on the company’s HPC lease delivery.

Cantor Fitzgerald has also raised its price target for the stock to $24 from $18, impressed by the company’s expansion in artificial intelligence. Compass Point also raised its price target of Terawulf to $28 from $17, buoyed by the company’s growth in HPC.

TeraWulf Inc. (NASDAQ:WULF) develops, owns, and operates sustainable, industrial-scale data centers for high-performance computing (HPC), artificial intelligence (AI), and cryptocurrency mining, primarily in the United States. The company uses zero-carbon energy sources, including nuclear and hydroelectric power, to provide environmentally friendly computing infrastructure.

While we acknowledge the potential of WULF as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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