H.C. Wainwright analyst Kevin Dede lowered the firm’s price target on BTCS to $3 from $6 given the extent of the broad crypto reset, but reiterates a Buy rating on the shares following quarterly results. The analyst notes that while the September quarter reflects crypto trend, it also illustrates its legitimate, unique crypto business model. Last week’s headlines, marking crypto exchange FTX’s foundering and sinking has once again shed an ugly light on crypto and all its machinations, Dede acknowledges. However, he believes "not all crypto is a sham."
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on BTCS:
- BTCS Inc. to Host Twitter Space AMA Featuring Chairman and CEO Charles Allen
- BTCS Inc. Announces Strategic Investment in the Operator of Upstream, a Securities Exchange Built on Ethereum’s Blockchain
- BTCS announces $100,000 investment in GlobexUS Holdings
- BTCS Inc. Charles Allen, CEO, to be a Featured Guest on the Emmy Award Winning The Big Biz Radio Show
- BTCS announces appointment of Pump to board of directors