TD Cowen starts coverage of TeraWulf and Brown & Brown with Buy

what happened

TD Cowen initiated coverage of TeraWulf with a Buy rating and a $21.00 price target. The target implies 52.5% upside from the October 9 close of $13.77. Analysts highlighted 839MW of contracted critical IT capacity leased to clients including Core42 and Fluidstack. Once fully operational, the capacity is expected to produce approximately $1.5 billion in average annual net operating income. TeraWulf also has roughly 2.1GW of uncontracted capacity. Its planned Muskie lease is expected to be an important growth catalyst by mid-2027 as the company shifts from bitcoin mining toward long-duration data-center leasing.

TD Cowen separately began coverage of Brown & Brown with a Buy rating and an $82.00 price target. The target represents 30.4% upside from the October 9 close of $62.88. The analysts said Brown & Brown’s acquisition of Accession strengthens its presence in agriculture, healthcare and private equity, supporting cross-selling opportunities and organic growth. The company raised its long-term adjusted EBITDAC margin target to 32–37% and is prioritizing share repurchases. The original material, which did not identify a publisher, also said that selected reference data were provided by Benzinga.

why it matters

For TeraWulf, TD Cowen’s view centers on the transition to data-center leasing and demand from AI and high-performance computing. For Brown & Brown, the main factors are Accession integration, wider margins and buybacks.

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