CleanSpark price target raised to $22 from $12 at BTIG

BTIG raised the firm’s price target on CleanSpark to $22 from $12 and keeps a Buy rating on the shares. The bitcoin rally has continued to gain momentum up to $69,000, bringing the gain year-to-date to 62%, with the increase “buoying miner profitability ahead of the halving next month,” the analyst tells investors in a research note. The firm says global hash also keeps on climbing, driven by new rig purchases into the halving to increase mining scale coupled with opportunistic replacement of older rigs following the boost in the bitcoin price the last few months.