Analyst John Todaro of Needham reiterated a Buy rating on Cleanspark, boosting the price target to $25.00.
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John Todaro has given his Buy rating due to a combination of factors including CleanSpark’s strong performance and growth potential. The company reported revenues that aligned with expectations and exceeded estimates on adjusted EBITDA, demonstrating operational efficiency. Additionally, CleanSpark achieved a significant milestone in its mining operations, reaching 50 EH operational capacity.
Furthermore, the company’s strategic push towards high-performance computing (HPC) is promising, with management indicating potential customer signings by the end of the year. Although Todaro adopts a conservative stance on the timing of these leases, he acknowledges the increased likelihood of HPC contributions at various sites. Given these developments and the attractive trading levels, Todaro reiterates a Buy rating and raises the price target to $25.
Todaro covers the Financial sector, focusing on stocks such as TeraWulf Inc, Cleanspark, and Cipher Mining. According to TipRanks, Todaro has an average return of 55.7% and a 59.89% success rate on recommended stocks.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $27.00 price target.