Bitfarms (BITF) Price Target Raised by Two Analysts

Bitfarms Ltd. (NASDAQ:BITF) is one of the 12 Best Performing Stocks in the Last 3 Months. On October 29, H.C. Wainwright analyst Mike Colonnese increased the firm’s price target on Bitfarms Ltd. (NASDAQ:BITF) from $4 to $5.50 and maintained a Buy rating.

The firm expects mining companies, which include Bitfarms Ltd. (NASDAQ:BITF), to report strong Q3 results as Bitcoin prices have experienced steady growth. The analyst also told investors in a research note that the hash rate continued to expand during the third quarter, with public miners adding 58.4 EH/s to their mining capacity during the quarter.

Bitfarms (BITF) Price Target Raised by Two Analysts

Previously, on October 22, B. Riley also increased its price target on Bitfarms Ltd. (NASDAQ:BITF) from $3 to $7 and reiterated a Buy rating.

This decision came as B. Riley updated its estimates for companies focused on high-performance computing (HPC). The firm’s analyst told investors in a research note that the firm increased price targets for HPC companies by an average of 78% and raised forecasts for 2026 by 5%.

Bitfarms Ltd. (NASDAQ:BITF) is an energy and digital infrastructure company that designs, builds, and operates vertically integrated data centers and energy infrastructure for high-performance computing and Bitcoin mining.

While we acknowledge the potential of BITF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BITF and that has a 100x upside potential, check out our report about the cheapest AI stock.

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