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.

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.

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