The company's cloud division is certified as an 'Elite' partner of Nvidia, making it one of the largest providers of Nvidia-based cloud services in Europe.
Frankfurt-based tech company Northern Data , prominently known for bitcoin mining, has recently transformed its business model into cloud solutions and data center infrastructure. This shift has caught the attention of investment bank Berenberg, which started coverage of the company's stock with a Buy rating and a price target of 39 euros per share, indicating a potential 53.2% upside from the current share price as of April 26.
"We believe that the significant investments that Northern Data has made in the latest liquid-cooling mining technology and the expansion of the company at its existing North Dakota and new Texas sites should enable it to achieve high bitcoin production and mining profitability," Berenberg analysts Gerhard Orgonas and Jenna Xu said in a note to clients on April 25.
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