Hive Blockchain price target raised to $7 from $5 at H.C. Wainwright

H.C. Wainwright analyst Mike Colonnese raised the firm’s price target on Hive Blockchain to $7 from $5 and keeps a Buy rating on the shares following the fiscal Q4 results. Incorporating Hive’s recently introduced year-end hash rate guidance of 6 EH/s, the firm increased its fiscal 2023 revenue estimate to $104M from $86M on higher hash rate assumptions alongside higher bitcoin prices than previously modeled. The analyst says the company’s near-term growth prospects are encouraging.