Rosenblatt analyst Chris Brendler initiated coverage of Hive Digital (HIVE) with a Buy rating and $6 price target The stock has become one of the more intriguing stocks in the Bitcoin mining sector, the analyst tells investors in a research note, noting that the company is set to enter an unprecedented growth phase with management targeting 4-time hashrate growth thanks to its three new hydro-powered data centers in Paraguay. Hive Digital also has a solid HPC business that is forecast to grow from a $10M annual recurring revenue today to $100M as new hardware comes online this year, the firm states, adding however that despite these clear positives and one of the biggest BTC positions relative to its size, the stock has been under significant pressure and now trades at only a small premium to the value of its bitcoin holdings.
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