Analysts Give Mixed Opinions on Bitfarms (BITF) Ratings

Bitfarms Ltd. (NASDAQ:BITF) is one of the best stocks under $3 to invest in. On January 26, Keefe, Bruyette analysts downgraded Bitfarms Ltd. (NASDAQ:BITF) to Market Perform from Outperform but raised the price target to $3 from $2.50. In its report on the stock, Keefe Bruyette said the company may find it difficult to secure a leasing agreement and expressed concern that Bitfarms’s leverage and capital expenditures are rising.

Meanwhile, on January 20, KBW analyst Catherine Mealor reiterated the firm’s Hold rating on Bitfarms Ltd. (NASDAQ:BITF). In her report, Mealor opined that there is not enough differentiated upside in Bitfarms’ risk‑reward profile, which blocked it from receiving a Buy recommendation despite some advantages in its business model and market position. The analyst also argued that the stock’s upside is already reflected in the current valuation and that operational and market headwinds ahead could hinder the company’s trajectory, although they are not severe enough to warrant a lower rating.

Bitfarms Ltd. (NASDAQ:BITF) is a cryptocurrency mining company operating server farms comprised of computers designed for the purpose of validating transactions on the Bitcoin blockchain.

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Disclosure: None. This article is originally published at Insider Monkey.