Bitfarms initiated with an Outperform at Northland

Northland initiated coverage of Bitfarms with an Outperform rating and $4 price target. The vertically integrated, energy efficient, high capacity, and low-cost Bitcoin mining company owns and operates server farms and has made some significant investments as of late to acquire additional miners and build out the infrastructure required to grow computing power, the analyst tells investors. The firm likes that Bitfarms is “aggressively” ramping capacity and efficiency in 2024 and highlights its “impressive” revenue growth, margins and valuation.