Data center developer WhiteFiber’s ( WYFI ) first long-term colocation agreement at its flagship NC-1 campus with Nscale Global supports management’s execution and its original timeline for implementation, investment bank B. Riley said in a report Tuesday.
“We believe that WYFI’s confirmation of its original implementation timeline demonstrates its ability to execute and the benefit of the company’s retrofit model,” analysts Nick Giles and Fedor Shabalin wrote.
The analysts reiterated their buy rating on the stock, while trimming their price target to $40 from $44 to reflect more conservative Cloud Services assumptions. That would be about 127% upside from last night’s close of $17.62, down more than 50% from an all-time high two months ago.
The analysts noted that WhiteFiber is in advanced talks with lenders about a construction facility expected to close in early 2026, potentially with an accordion feature and credit enhancements that could lower its cost of capital.
On valuation, B. Riley said WhiteFiber trades at about 11x EV/EBITDA on its 2026 estimates and roughly 8x EV/EBITDA on its 4Q26 adjusted EBITDA run rate, which it views as a meaningful discount to peers in the mid- to high-teens.
Read more: WhiteFiber signs 10-year, 40 MW co-location deal with Nscale worth around $865 million
