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Benzinga
Benzinga
Business
Anusuya Lahiri

Here's Why Canaccord Is Bullish On This Cryptocurrency Mining Company

Hive Joseph Vafi Canaccord Genuity Nasdaq
  • Canaccord Genuity analyst Joseph Vafi initiated coverage of HIVE Blockchain Technologies Ltd (NASDAQ:HIVE) with a Buy rating and a $2.80 price target, suggesting an upside of 27%.
  • Digital assets, especially Bitcoin and Ethereum, successfully exited another test of their resiliency in the face of recent market volatility.
  • Vafi expects miners to benefit if bitcoin prices retrace higher.
  • In February, HIVE reported third-quarter results, with revenue from digital currency mining of $68.2 million, increasing 397% Y/Y.
  • Price Action: HIVE shares traded higher by 1.38% at $2.20 on the last check Friday.
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