Analysts at H.C Wainwright and Jefferies slashed their price targets for Argo Blockchain (ARBK) following disappointing guidance when the company delivered quarterly results on Wednesday.
Kevin Dede at H.C. Wainwright continues to rate Argo a buy, but lowered his price target to $8 from $14, and versus Thursday's closing price of $4.93. Meanwhile, Jonathan Peterson and Amanda Santillo at Jefferies cut their price target to $13 from $20, while also maintaining a buy rating.
Behind Argo's year-end 2023 hashrate guidance cut to 3.2 exahash per second (EH/s) from 5.0 are delays in the miner's plans to deploy custom-made mining rigs using Intel's (INTC) Blocksale application-specific integrated circuits. Speaking to investors in a conference call this week, Argo CEO Peter Wall said the delays were in part due to his company's decision to redesign the machines to maximize efficiency as opposed to computing power, or hashrate. Wainwright's Dede noted that supply chain issues have also...
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