Argo Blockchain price target lowered to $2.50 from $2.75 at Compass Point

Compass Point lowered the firm’s price target on Argo Blockchain to $2.50 from $2.75 and keeps a Buy rating on the shares. The firm expects bitcoin prices to average $29,000 in Q4, exiting at $30,000 versus its prior estimate of $35,000. Compass sees average prices of $50,500 in 2024, down from $58,000 prior, exiting the year at $75,000. The decrease in 2024 is driven by expectations that higher interest rates for longer will dampen upside for all risk assets, including bitcoin, the analyst tells investors in a research note. Compass increased its global hash rate outlook materially given the persistence of global hash rate growth in recent months despite bitcoin prices staying relatively range bound. Overall, the changes reduce the firm’s estimates and price targets for most miners in its coverage.