Investment bank Keefe, Bruyette & Woods (KBW) is maintaining its price target on Keel Infrastructure NASDAQ: KEEL), formerly BitFarms (NASDAQ: BITF) per a new note published Monday. The AI/HPC infrastructure firm began trading as completely U.S. domiciled firm under a new company brand Monday.
KBW kept its price target at $3 while noting that equity value upside is now tied to leasing execution at specific power sites. Analyst Stephen Glagola stated that the current stock valuation likely reflects potential deals at the Moses Lake and Sharon locations. He indicated that further gains depend on securing Notice to Proceed status and permits for the Panther Creek site.
The bank lowered its 2026 revenue expectations to $156 million from a previous $234 million estimate due to reduced mining projections. Glagola forecasted a 2026 EBITDA loss of $76.6 million and a GAAP loss of $0.38 per share. These figures reflect the planned wind-down of the 14.8 EH/s mining fleet during 2026 as power costs rise in Québec and Washington.
Despite the lowered estimates, KBW expressed confidence in the company’s ability to fund $265 million in estimated capital expenditures without a new capital raise. This outlook is supported by $520 million in total liquidity and the pending $25.3 million sale of operations in Paraguay. The analyst noted that Keel has sufficient runway to reach the permitting milestones required for its 382MW pipeline.
