Bitfarms inventory nonetheless has one other 80% upside from right here, analyst says

• H.C. Wainwright analyst sees upside in Bitfarms to $2.0 a share.
• He defined his constructive view in a analysis observe on Friday.
• Bitfarms inventory has already almost tripled because the begin of 2023.

Shares of Bitfarms Ltd have already almost tripled because the begin of the yr however an H.C. Wainwright analyst is satisfied that rally is much from over simply but.

Bitfarms inventory may climb to $2.0

On Friday, Kevin Dede reiterated his “purchase” score on the bitcoin miner and mentioned its shares may climb to $2.0 – up one other 80% from right here.

The bullish name on Bitfarms inventory arrives solely hours after the corporate expanded operations in Argentina that elevated its fleet hash to five EH/s.

Estimates Dede has for 2023 are based mostly on a hash charge of about 5.7 EH/s – a degree he’s assured the miner will hit in its September quarter.

This fleet enlargement additionally got here with out additional shareholder dilution – an added prize not universally shared throughout the spectrum of publicly traded bitcoin miners.

Bitfarms Ltd is producing money

The H.C. Wainwright analyst stays constructive on Bitfarms Ltd additionally as a result of it didn’t slip into destructive EBITDA even within the fourth quarter when factor went haywire for the crypto area at giant.

Different causes cited for the constructive view on Bitfarms inventory embrace its gross mining margin that declined sharply (year-over-year) in 2022 however nonetheless stood at a wholesome 33% nonetheless. Dede mentioned in his analysis observe:

We perceive potential upside in Argentina. With higher monetary flexibility through stronger steadiness sheet, Bitfarms has choices to contemplate extra enterprise improvement alternatives.

Growth in Quebec, Paraguay, and Washington State will assist the share worth as properly, he concluded.