As previously reported, Compass Point upgraded Argo Blockchain to Buy from Neutral with a price target of $3, up from $2. The firm is revising estimates to reflect the most recent bitcoin price and global hash rate forecasts now that most crypto miners in its coverage have reported earnings and Q1 bitcoin production. For 2023, the firm now expects bitcoin prices to average just over $29,000, up from $26,400 previously, and to exit the year at $35,000, versus a prior forecast of $30,000. The firm expects the market to start to rerate multiples higher for bitcoin miners given its view "that we are starting to see the green shoots of a crypto spring, especially in BTC."
Published first on TheFly
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