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Argo Blockchain’s Texas Mining Facility Will Propel Shares Higher, Analysts Say

Five Wall Street firms, including Jefferies and Barclays, initiated research coverage of Argo Blockchain (NASDAQ: ARBK) on Monday with buy ratings – all of them expecting the company’s Texas crypto mining facility to be a catalyst for the shares to move higher. Jefferies analyst Jonathan Petersen has the highest 12-month price target of $30 per share for the London-based miner. “BTC mining should remain a high margin business, and ARBK’s margin should improve as they build out in Texas, where power rates (largest OpEx) are half the rate of the in-place portfolio,” Petersen wrote.