CleanSpark price target raised by $2 at BTIG, here’s why

BTIG analyst Gregory Lewis raised the firm’s price target on CleanSpark to $12 from $10 and keeps a Buy rating on the shares. The firm is citing the Bitcoin price rally continuing to “gain steam”, with miners looking to be taking advantage by selling BTC at a higher price and potentially issuing more equity capital to fund growth. BTIG further notes that CleanSpark had recently reported its FY23 results, and the company has grown its hash rate by 142% over the past year to its current level of about 10 EH, with an eye on about 22 EH by the end of 2024.