Bitfarms pact with Riot ‘lifts important overhang,’ says H.C. Wainwright

H.C. Wainwright reiterates a Buy rating on Bitfarms (BITF) with a $4 price target after the company and Riot Platforms (RIOT) entered into a settlement agreement that effectively ends Riot’s hostile takeover attempt of Bitfarms. The news “lifts an important overhang” on Bitfarms shares and is constructive for both companies, as Bitfarms and Riot “will now avoid what would’ve been a costly and time-consuming proxy battle in the coming months,” the analyst tells investors in a research note. The firm believes Bitfarms shares remain “significantly undervalued” at current levels, trading at 40% discount to peers on 2024 estimates revenue.