Market Research Update

Investors, here’s a summary of today’s notable market research updates that you might find interesting.

Main Upgrades:

• Kief Bruillette has upgraded TeraWulf (WULF) with a price target revised from $9.50 to $24. The expectation is that the company will outperform the market, primarily because investors seem to be underestimating TeraWulf’s strategic pivot from Bitcoin mining to a mix of high-performance computing leases coming in 2026 and 2027.

• Clear Street has upgraded Plug Power (PLUG), reducing the price target from $3.50 to $3.00, shifting from Hold to Buy. They believe the stock offers more upside potential following a recent slump, although they lower their target price due to dilution from the refinancing of Plug Power’s convertible bonds last November.

Top Downgrades:

• Wedbush downgraded GlobalFoundries (GFS), lowering the price target from $42 to $40 and changing the outlook from Outperform to Neutral. The firm believes that while GlobalFoundries has the potential for growth through improved revenues and utilization rates, recent events have prolonged the timeline for these positive changes.

• Wedbush also downgraded Tower Semiconductor (TSEM) from Outperform to Neutral, with a price target set at $125. The downgrade is attributed to valuation concerns; the stock is nearing its target price, and the current valuation already appears to factor in some anticipated upside.

• Digital Bridge has been downgraded following SoftBank Group’s announcement of a cash acquisition at $16 per share. The firm maintains a price target of $16 but changes their stance from buy to hold, believing a competing bid is unlikely.

• Raymond James downgraded OceanFirst Financial (OCFC) from Strong Buy to Market Perform. There was no specific price target set following their acquisition of Flushing Financial (FFIC), as they anticipate significant dilution affecting OceanFirst’s core deposit franchise.

• Raymond James also downgraded Flushing Financial (FFIC) from Outperform to Market Perform, with no price target set. This came after the announcement of being acquired by OceanFirst Financial, which they describe as a fair deal given the challenges in the current interest rate landscape.

Top Initiations:

• Freedom Capital has initiated coverage on Service Robotics (SERV) with a “Buy” rating and a price target of $16, believing the company is primed for strong growth and profitability in the future.

• Freedom Capital has also started coverage on International Bank of Commerce (IBOC), rating it as Buy and setting a price target at $85. They see risks in commercial real estate and interest rate sensitivity, yet maintain optimism due to strong profitability and a solid balance sheet.

• Lastly, Freedom Capital initiated coverage on Butterfly Network (BFLY), rating it as “Buy” with a price target of $5, anticipating continued revenue growth driven by the adoption of the iQ3 probe and associated software.