Argo Blockchain upgraded to Buy from Neutral at H.C. Wainwright

H.C. Wainwright upgraded Argo Blockchain to Buy from Neutral with a $2.50 price target. New machines, more efficient Quebec mining, Galaxy’s Texas power negotiation, and cost control not just in headcount elimination could boost Argo’s cash flow above current thinking, the analyst tells investors in a research note. Critical for Argo’s success is the advancing relationship with Galaxy to a mutually beneficial status as Galaxy now sees mining revenue diversification, contends the firm. It says the financial reset on the Helios sale stabilizes Argo’s foundation for growth.