Bitfarms price target raised to $6 from $2.50 at Alliance Global

Alliance Global analyst Brian Kinstlinger raised the firm’s price target on Bitfarms (BITF) to $6 from $2.50 and keeps a Buy rating on the shares following the Q3 report. The firm believes the shares deserve a “much higher multiple” as the company makes progress on timing risk, capital requirements and the eventual need of tenants. Bitfarms plans to convert the majority of its energy capacity to artificial intelligence sites with a focus on long term recurring revenue and very high margin, the analyst tells investors in a research note.