Rosenblatt Securities raised its price target for HIVE Digital Technologies (NASDAQ: HIVE) to $6.00 from $5.50. The firm maintained a "Buy" rating. This upgrade follows recent quarterly results that missed consensus estimates. HIVE shares traded around $3.05 on Thursday.
Rosenblatt's increased optimism stems from strong growth in HIVE's High-Performance Computing (HPC) and AI cloud services division. This segment serves as a key diversifier from the company's core bitcoin mining operations. Rosenblatt highlighted a new $350 million HPC contract. This contract is expected to accelerate HIVE's transition and significantly boost higher-margin HPC revenues in the coming years.