DeFi Technologies, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Kevin Dede from H.C. Wainwright reiterated a Buy rating on the stock and has a $5.50 price target.
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Kevin Dede’s rating is based on several positive indicators for DeFi Technologies. The company has shown a promising increase in assets under management (AUM), which rose from $773 million at the end of June to $947 million in July. This upward trend is expected to continue, driven by broad-based bullish expectations for crypto adoption. Additionally, DeFi Technologies is on track to expand its product offerings, with a target of reaching 100 products by the end of the year, potentially boosting AUM further.
Moreover, DeFi Technologies is actively exploring new markets and partnerships, such as the Kenya Digital Exchange and collaborations to introduce exchange-traded products (ETPs) in Turkey. These ventures demonstrate the company’s innovative approach and willingness to explore new opportunities. Despite some conservative adjustments to revenue forecasts due to exchange rate conversions and forward-thinking estimates, the overall growth in AUM and product portfolio supports the Buy rating. The potential for significant gains from DeFi Alpha’s trading desk adds an additional layer of optimism for future performance.
In another report released yesterday, Compass Point also reiterated a Buy rating on the stock with a $5.00 price target.
DEFI’s price has also changed slightly for the past six months – from C$0.830 to C$0.830, which is a 0% increase.