Keefe Bruyette analyst Stephen Glagola downgraded Hive Digital (HIVE) to Market Perform from Outperform with a price target of $3.50, down from $11. The firm is concerned that Hive is scaling bitcoin mining without generating sufficient operating returns. The company’s upside potential is dependent on a stronger hash price environment, but Keefe’s outlook remains conservative, the analyst tells investors in a research note. Keefe believes Hive Digital has “no durable edge” in AI cloud.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HIVE:
- Hive Digital downgraded to Market Perform from Outperform at Keefe Bruyette
- Crypto Currents: Coinbase CEO pulls support for crypto bill
- Midday Fly By: JPMorgan reports mixed Q4, L3Harris to form new missile company
- Unusually active option classes on open January 13th
- HIVE Digital Technologies expands into Paraguay