Hive Digital price target raised to $11 from $10 at Keefe Bruyette

Keefe Bruyette analyst Bill Papanastasiou raised the firm’s price target on Hive Digital (HIVE) to $11 from $10 and keeps an Outperform rating on the shares after the company announced the signing of a binding letter of intent with Bitfarms to acquire a 200 MW facility in Yguazu, Paraguay. The “tuck-in acquisition is transformational” to Hive’s overall profile as it offers a clear line of sight to 25 EH/s of self-mining hash rate capacity, positioning the company amongst the leading cohort of operators with scale, the analyst tells investors in a research note. Keefe says Hive remains one of the most undervalued companies in its coverage.