Analyst Kevin Dede of H.C. Wainwright maintained a Buy rating on BitFuFu, retaining the price target of $7.00.
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Kevin Dede has given his Buy rating due to a combination of factors that highlight BitFuFu’s strong performance and growth potential. The company’s recent revenue surge, driven by a significant increase in network hashrate and a spike in cloud-mining demand, underscores its robust market position. BitFuFu’s ability to attract a growing number of customers, despite not being available in the U.S., further emphasizes its appeal to crypto enthusiasts, particularly in North America where operations are expanding.
Additionally, BitFuFu’s strategic initiatives, such as potential developments in gas-powered generators and mining infrastructure, suggest a forward-thinking approach to cost management and operational efficiency. The company’s focus on vertical integration to reduce expenses and its exploration of real-world asset tokenization indicate promising avenues for future growth. While there are uncertainties beyond 2025 due to the lack of detailed expansion plans and variable mining conditions, the current demand for BitFuFu’s cloud-based mining services supports the Buy rating and a $7 price target.
In another report released yesterday, Roth MKM also reiterated a Buy rating on the stock with a $6.00 price target.