Compass Point analyst Chase White raised the firm’s price target on Bitfarms to $5.50 from $3.75 and keeps a Buy rating on the shares after the company held an investor update call detailing its updated expansion plans, including the purchase of about 36,000 of the recently released, high efficiency Bitmain T21 miners on what the firm calls “favorable terms.” While the firm liked Bitfarms before, it argues that the company’s recent moves should put it at the low-end of the cost curve just in time for the 2024 halving, “making it a best-in-class BTC miner.”
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