Mawson downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Josh Siegler downgraded Mawson Infrastructure to Neutral from Overweight with a price target of $1, down from $12. The analyst expects the company’s hosting revenue, which currently represents 50% of its total revenue, to drop to zero, after August 23. Celsius Mining, Mawson’s only hosting partner, notified the company in July that it would not be renewing the hosting agreement, the analyst tells investors in a research note. The firm says that while management noted the possibility of utilizing its hosting infrastructure for self-mining, it would need to raise a significant amount of capital to finance and acquire the hardware to fill these plugs. Cantor thinks Mawson will face liquidity concerns in the near term.