UPDATE: Roth Capital Starts Argo Blockchain ADR (ARBK) at Buy

Roth Capital analyst Darren Aftahi initiates coverage on Argo Blockchain ADR (NASDAQ: ARBK) with a Buy rating and a price target of $27.00.

The analyst comments "We view ARBK as an ESG-friendly way to gain exposure to the quickly expanding crypto mining sector. ARBK is projected to increase its capacity fourfold by 2023, powered by 100% renewable energy. We see several catalysts driving ARBK’s forward growth including: 1) increased adoption of cryptocurrency mining/transactions, 2) rapid scale from its Texas expansion and estimated sub-$0.02/kWh power costs, and 3) flexibility beyond Bitcoin with other cryptocurrencies and blockchain endeavors. We initiate coverage with a Buy and $27 PT."

For an analyst ratings summary and ratings history on Argo Blockchain ADR click here. For more ratings news on Argo Blockchain ADR click here.

Shares of Argo Blockchain ADR closed at $16.85 yesterday.

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