Keefe Bruyette downgraded Bitfarms (BITF) to Market Perform from Outperform with a price target of $3, up from $2.50. The firm does not expect a leasing agreement to materialize for the company until the second half of 2026. The stock already discounts a Sharon deal, says Keefe, which also has concerns around Bitfarms’s rising leverage and elevated capex. Keefe would get more constructive on the shares with greater clarity on the company’s liquidity and 2026 capex.
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