"Rosenblatt Securities initiated coverage of Soluna (NASDAQ: SLNH) at Buy on Wednesday, setting a $4 price target as the operator pursues an AI/HPC conversion in Texas. The target implies about 257% upside from the $1.12 share price cited in analyst Chris Brendler’s note. Rosenblatt’s model assumes Soluna develops 118 MW of critical IT load capable of generating more than $200 million in annualized revenue, over three times its 2025 revenue. Brendler based the rating on Soluna’s 266 MW of conditional ERCOT Base Load-designated capacity, its Metrobloks joint venture and an exclusive letter of intent with an unidentified prospective customer. Rosenblatt expects Soluna to secure its first HPC partner before year-end, although the note identified customer contracting and construction financing as outstanding hurdles. "-- BlockSpace Media $SLNH @SolunaHoldings