The Globe and Mail reports in its Tuesday, Nov. 21, edition that H.C. Wainwright analyst Mike Colonnese has lowered his recommendation for Vancouver-based Hive Digital Technologies to "neutral" from "buy." The Globe's David Leeder writes that Mr. Colonnese slashed his share target back to $3.50 (U.S.) from $7 (U.S.). Analysts on average target the shares at $4.78 (U.S.). Mr. Colonnese says in a note: "Management postponed its calendar year-end 2023 hash rate guidance. The delay in incremental hash rate deployment could result in Hive losing share leading up to the April, 2024, halving event, as we see it, given the network hash rate continues to rise at a rapid pace. Meanwhile, Hive's direct production costs have risen considerably over the past three quarters and came in at $22,639 per BTC [bitcoin] mined in F2Q24, which represented a 21-per-cent quarter-over-quarter jump, largely driven by the abolishment of a reduced energy tax for data center operations in Sweden by the Swedish Parliament, which took effect in July. ... We estimate Hive's all-in cash cost to mine a coin in F2Q24 was over $27,000/BTC vs. an average BTC price of $28,000. ... We believe it is prudent to move to the sidelines."