Keefe Bruyette raised the firm's price target on Hive Digital to $5 from $3 and keeps a Market Perform rating on the shares. The firm updated the company's model post the Q1 report. Near-term multi-year cloud contracts across Hive's leased Bell AI Fabric data centers in British Columbia support progress toward $200M of cloud annual recurring revenue by year-end, the analyst tells investors in a research note. Keefe believes the stock's rally since mid-May reflects the market beginning to price in Hive's expanding colocation pipeline.
