PI Financial Starts Sphere 3D Corporation (ANY) at Buy (1), Earlier Today

PI Financial analyst Kris Thompson initiates coverage on Sphere 3D Corporation (NASDAQ: ANY) with a Buy (1) rating and a price target of $10.00.

Analyst comments: "Our valuation is based on comparable company analysis using EV/EBITDA on 2022E and EV/EH/s on 2022E, adjusted downward to reflect the additional risks surrounding the closing of the merger transaction, and the earlier stage of a rapid growth profile. The merger is slated to close in Q4/21, but we would not be surprised to see the timeline spill over in to Q1/22. Our $10.00 per share target price equates to an EV/EBITDA of 7.3x 2022E vs. the larger cap miners at an average of 8.8x. Our $10.00 per share target price equates to an EV/EH/s of $416 vs. the well-established larger cap miners at $300-650 (HIVE, HUT, MARA, RIOT). Sphere's machines are 100% next-generation."

For an analyst ratings summary and ratings history on Sphere 3D Corporation click here. For more ratings news on Sphere 3D Corporation click here.

Shares of Sphere 3D Corporation closed at $6.45 yesterday.

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