$CLSK

CleanSpark (CLSK) fell 39% in October, partly due to broader market sell-offs and concerns about its landlord bet on Meta Platforms (META). Canaccord Genuity initiated coverage with a Buy rating and $20 target, citing its lease with Meta. Meta's credit default swaps hit a record, reflecting increased insurance costs for its debt. CleanSpark's CEO mentioned potential expansion with Meta in Texas. Analysts' mean price target for CLSK is ~$23.

Canaccord Genuity initiated coverage of CleanSpark with a Buy rating and $20 price target, implying 129% upside. The stock has fallen 53% in the past year due to Bitcoin mining revenue declines and AI sector sell-offs. Canaccord highlights a signed lease in Georgia with Meta Platforms as a key positive.

Analysts made several calls on Wall Street, including upgrades for Block (SQ), Tesla (TSLA), and IBM (IBM), among others. BMO upgraded Block to outperform, citing positive catalysts. Morgan Stanley raised Tesla's price target to $410. Goldman Sachs reiterated IBM as a buy. Other notable mentions include upgrades for Kohl's (KSS) and downgrades for Netflix (NFLX).

Canaccord Genuity initiated coverage on CleanSpark Inc. (NASDAQ:CLSK) with a buy rating and a $20.00 price target, citing a 20-year lease agreement with Meta. The deal includes $6.6B in contracted revenue and options extending to $11.6B over 30 years. CleanSpark recently reported a larger-than-expected Q3 loss and lower revenue but has secured project financing for its Sandersville site.

Five US-listed Bitcoin mining companies (IREN, MARA, CLSK, HUT, RIOT) saw significant declines (19-23%) last week due to hotter-than-expected US inflation data and AI sector concerns. IREN and MARA led the losses, with Morningstar and Cantor Fitzgerald lowering price targets. The selloff was driven by rising interest rate expectations and debt concerns in AI infrastructure.

Bitcoin mining difficulty rose 5.9% while BTC price fell 4% in two weeks, pressuring miner earnings. Publicly traded miners MARA, RIOT, and CLSK saw share price drops of 31.8%, 32.6%, and 34.3% respectively. Next difficulty adjustment is projected at 0.5%. ETF outflows also impacted Bitcoin's price.

Wall Street closed mixed, with TD Bank, Mastercard, and Visa gaining, while Bank of America, Morgan Stanley, and Citigroup declined. TransUnion rose 13.13% after a deal with Bankrate. IREN fell 23.30% despite a cloud deal. Insurance stocks advanced on strong earnings.

CleanSpark (CLSK) stock fell 58% over the past year, closing at $8.40 on October 16, 2026. The company signed a $6.6B data center lease and priced $2.28B in notes. Fiscal Q3 revenue declined 31% YoY to $138.01M, with a net loss of $239.84M. Analysts' mean target is $23, 178% above the recent close.

CleanSpark's bitcoin production fell 11% in September to 529 BTC, shifting to quarterly reports. BitFuFu's output dropped 4% to 167 BTC amid an Ethiopia dispute. Canaan's production remained flat at 44 BTC. CleanSpark sold 702 BTC, raising $51.7M. BitFuFu's cloud mining fell 20%. Canaan launched an 8 MW heating project in the Nordic region.

US stocks fell sharply on Wednesday, with the S&P 500 down 1.1% and the Nasdaq Composite down 1.9%, due to hotter-than-expected inflation data. Bitcoin miners, including TeraWulf, Core Scientific, and Cipher Mining, dropped 12-13%. Higher interest rates may increase borrowing costs for AI infrastructure companies, many of which rely on debt for expansion.