Globe says Papanastasiou likes Bitfarms' outlook, $2.00 $$$$
Globe says Papanastasiou likes Bitfarms' outlook
2023-04-06 06:37 ET - In the News
The Globe and Mail reports in its Thursday, April 6, edition that Stifel analyst Bill Papanastasiou began coverage on Bitfarms with a "speculative buy" recommendation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Papanastasiou set a share target of $2, matching the average expectation of analysts. Mr. Papanastasiou sees mining economics improving after the spot price for bitcoin had appreciated "immensely" since the start off the year. The Globe reports that Mr. Papanastasiou sees several potential catalysts. He says in a note: "With a long-standing track record as a proof-of-work mining company, Bitfarms has strategically established a footprint of ten facilities across geographically diverse regions that provide access to sustainably low-cost, surplus electricity. The company operates under a self-mining business model, leveraging cheap power, efficient hardware, and operational excellence to generate industry-leading yield-per-exahash and margin performance. Management recently restructured its balance sheet, which significantly reduced debt obligations and offers financial flexibility ahead of the upcoming BTC halving event expected to occur in May 2024."