Greenidge Generation outperformed other crypto miners, as the Wall Street firm B. Riley hiked the company’s price target and earnings estimates citing its expansion plans.
- Greenidge shares (GREE) rose more than 6%, while most crypto miners were down on Tuesday, making the stock’s share price jump all the more notable.
- In a research note, B. Riley analyst Lucas Pipes raised his 2022 adjusted EBITDA estimate for Greenidge to $150.7 million from prior expectations of $115.2 million, citing its larger order for miners, and raised the company’s 12-month price target to $82 per share from $78.
- Pipes, who has a buy rating on the stock, also expects the miner to earn adjusted EBITDA of $240.2 million in 2023, a 59% increase from the prior year’s estimate.
- B. Riley initiated coverage of Greenidge on Sept. 29, saying the miner’s “low probability of equity dilution is a key differentiation from the peer group.”
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