Cantor Fitzgerald reiterates Overweight rating on CleanSpark stock

Investing.com - Cantor Fitzgerald maintained its Overweight rating and $21.00 price target on CleanSpark Inc. (NASDAQ:CLSK) in a research note released Thursday. The target represents a 45% upside from CleanSpark ’s current price of $14.49, with the company now valued at approximately $3.7 billion.

The firm noted that CleanSpark has expanded its total megawatts under contract to 1,450 MW at the end of November, up from 1,030 MW at the end of October, while its utilized capacity remained flat at 808 MW.

Cantor Fitzgerald views this expanded power capacity as an additional tailwind to CleanSpark’s progress toward pivoting into AI/HPC, following the company’s recent hiring of a leader for its AI data center team, selection of a compute infrastructure partner, and acquisition of approximately 271 acres representing about 285 MW of long-term power agreements near Houston, Texas. This strategic shift comes as CleanSpark posted impressive 102% revenue growth over the last twelve months, with a strong analyst consensus rating of 1.42 (Buy).

For 2026, Cantor Fitzgerald raised its revenue estimates by 1.5% and adjusted EBITDA estimates by 4.8%, citing slightly more favorable mining economics, a minor increase in share of network rewards, and higher Bitcoin prices.

The firm maintained its $21 price target on CleanSpark stock while reiterating its Overweight rating.

In other recent news, CleanSpark, Inc. reported mining 587 bitcoin in November, with an increase in contracted power by nearly 11% during the month. The company reached over 1.4 gigawatts of contracted power after adding 125 megawatts in the Tennessee Valley Authority’s service territory. CleanSpark maintained an average daily bitcoin production of 19.54, peaking at 20.44 bitcoin on a single day. Analysts have adjusted their price targets for the company, with Macquarie lowering it to $27, citing peer group weakness, while maintaining an Outperform rating. B.Riley also reduced its price target to $22 after CleanSpark’s fiscal year 2025 results fell short of expectations. H.C. Wainwright adjusted its price target to $27, mentioning CleanSpark’s plans to repurpose its Georgia site for HPC/AI workloads. Cantor Fitzgerald lowered its price target to $21 due to the decline in Bitcoin value but maintained an Overweight rating, noting the company’s attractive valuation. These developments reflect ongoing strategic shifts and market conditions impacting CleanSpark.

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