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Keefe Bruyette cut its price target on Hive Digital Technologies (NASDAQ: $HIVE) to $4.50 from $5.00 and moved to a hold-equivalent "market perform" rating, with the call arriving hours before the Canadian data centre operator is due to report financial results after the close on Aug.
Shares were trading at $2.62, putting the revised target 73% above the current price and down 18% on the month heading into the print.
The numbers Keefe Bruyette's note acknowledges overall optimism for high-performance computing and colocation demand tied to AI data centres, which is the business Hive Digital operates.
That constructive sector view did not prevent a downgrade.
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