Analyst Kevin Dede from H.C. Wainwright reiterated a Buy rating on Fold Holdings and keeping the price target at $7.00.
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Kevin Dede has given his Buy rating due to a combination of factors that highlight Fold Holdings’ promising growth trajectory. The company has shown significant progress in expanding its bitcoin-centric financial services platform, which has led to increased transaction volumes and verified accounts. This growth is further supported by the strategic partnership with Blackhawk Network, which expands Fold’s bitcoin-denominated gift card distribution to a vast network of retail locations.
Fold’s innovative approach in the $300 billion U.S. gift card market, along with the anticipated launch of a new credit card backed by Visa, positions the company for substantial revenue growth. The credit card offers unique benefits without caps on rewards, differentiating it from competitors. Additionally, Fold’s integration of deposits, payments, rewards, and savings into a seamless bitcoin ownership experience, along with potential future banking services, underscores its potential for continued expansion and value creation. These factors collectively support the Buy rating and a price target of $7.
Dede covers the Technology sector, focusing on stocks such as CoreWeave, Inc. Class A, Applied Digital Corporation, and Tokens.com Corp. According to TipRanks, Dede has an average return of 9.6% and a 41.82% success rate on recommended stocks.