Roth Capital analyst Darren Aftahi upgraded Argo Blockchain to Neutral from Sell with a price target of $1, up from 25c, despite concerns. The analyst notes the company sold its Helios site to Galaxy for about $65M in cash but keeps its existing 2.36 EH/s on-premises under hosting agreements. Further Argo repaid $85M in debt via cash proceeds with a new $35M machine-backed loan, for a net debt reduction of $41M, Aftahi adds. The analyst acknowledges that the company may be in better shape with creditors, but says the tradeoff is its growth remains marginalized, with relative erosion of hash rate share.
Published first on TheFly
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