Five Wall Street firms, including Jefferies and Barclays, initiated research coverage of Argo Blockchain (NASDAQ: ARBK) on Monday with buy ratings – all of them expecting the company’s Texas crypto mining facility to be a catalyst for the shares to move higher.
Jefferies analyst Jonathan Petersen has the highest 12-month price target of $30 per share for the London-based miner. “BTC mining should remain a high margin business, and ARBK’s margin should improve as they build out in Texas, where power rates (largest OpEx) are half the rate of the in-place portfolio,” Petersen wrote. He also thinks Argo’s investment in sustainable energy and decentralized finance (DeFi) is the differentiating factor versus its mining peers.
The flood of Argo initiations comes after the expiration of a 25-day “quiet period” where investment firms must hold off on issuing ratings until a set time after a given initial public offering (IPO).
Continue reading: https://finance.yahoo.com/news/argo-blockchain-texas-mining-facility-164235509.html
Jefferies analyst Jonathan Petersen has the highest 12-month price target of $30 per share for the London-based miner. “BTC mining should remain a high margin business, and ARBK’s margin should improve as they build out in Texas, where power rates (largest OpEx) are half the rate of the in-place portfolio,” Petersen wrote. He also thinks Argo’s investment in sustainable energy and decentralized finance (DeFi) is the differentiating factor versus its mining peers.
The flood of Argo initiations comes after the expiration of a 25-day “quiet period” where investment firms must hold off on issuing ratings until a set time after a given initial public offering (IPO).
Continue reading: https://finance.yahoo.com/news/argo-blockchain-texas-mining-facility-164235509.html
