Bitfarms (TSE:BITF) Price Target Lowered to C$3.75 by ATB Capital

ATB Capital Cuts Bitfarms (TSE:BITF) Price Target to C$3.75

March 30, 2023 - In a research note issued to clients, ATB Capital analyst Mike McGuire cut his price target on Bitfarms Ltd. (TSE:BITF) to C$3.75 from C$4.50, citing the company's ongoing challenges in the cryptocurrency mining space.

The analyst noted that while Bitfarms has made progress in recent quarters, the company still faces significant headwinds, including the ongoing decline in cryptocurrency prices and the increasing competition in the mining sector.

"We continue to believe that Bitfarms is a high-quality operator in the cryptocurrency mining space, but we are reducing our price target to reflect the ongoing challenges the company faces," McGuire wrote in the note.

The analyst's new price target represents a 16% decline from the previous target and implies a potential 10% upside from the current stock price.

Despite the cut, McGuire maintained a "Buy" rating on Bitfarms, citing the company's strong operational performance and its ability to adapt to changing market conditions.

Bitfarms shares were trading at C$3.24 per share at the time of the note's release, down 2.4% on the day. The stock has fallen 24% over the past month and 45% over the past year.