The post analyst reiterates Buy rating and $4 price target appeared on BitcoinEthereumNews.com.

HC Wainwright has reiterated a buy rating with a target price of $4 for the Bitfarms (NASDAQ:BITF) stock. According to HC Wainwright analyst Mike Colonnese, Bitfarms is currently one of the “most attractively valued stocks in BTC mining.” The company’s indication that it’s open to a sale if that maximizes shareholder value suggests that any successful bid could come at a hefty premium compared to where BITF currently trades. Colonnese, who initiated coverage for the Bitcoin mining firm’s stock early this month, issued the bullish forecast for BITF in a research note published on Monday, June 17. Analysts reiterate buy rating for Bitfarms stock HC Wainwright analyst Mike Colonnese says that Bitfarm is one of the most undervalued publicly traded Bitcoin miners. The analyst sees Bitfarm’s recent agreement for a $3.7 million deal in an all-stock transaction for 120 MW of power as a pointer to the company’s robust growth initiatives. Shares of Bitfarms rose 15% when the company announced its expansion efforts last week. As reported, the miner’s agreement will see it bring up to 120 MW of power online via the new site in Sharon, Pennsylvania. The above agreement will see Bitfarms add 0.6 EH/s to its capacity in the fourth quarter of 2024 and a total of 8 EH/s in the second half of 2025. Another 6 EH/s will come online in 2025 via the recently announced 100 MW expansion at Yguazu. Bitfarm’s end of year projection for 2024 is 21 EH/s management’s guidance for 35 EH/ s by the end of 2025. “Owned and operated infrastructure expected to grow to ~650 MW in 2025. Factoring in the new development site in Sharon, PA, we estimate BItfarms is now poised to increase total power capacity by 170% to 648 MW in 2025, up from 240 MW operating…

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Filed under: News - @ June 18, 2024 4:28 am