Maxim Group analyst Matthew Galinko has maintained their bullish stance on ICG stock, giving a Buy rating yesterday.
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Matthew Galinko has given his Buy rating due to a combination of factors that highlight Intchains Group Ltd.’s potential for growth despite some challenges. The company reported a significant increase in revenue for the first quarter of 2025, driven by strong demand for its new Aleo mining machines, which contributed to a substantial portion of their revenue. This indicates a robust market interest in their products, which could support future growth.
Despite lowering their guidance for the first half of 2025 due to increased competition and a decrease in cryptocurrency prices, Galinko remains optimistic about the company’s prospects. Intchains Group Ltd. holds a strong cash position, which is expected to support its operations and potential gains in digital asset values. Additionally, the company’s strategic initiatives, like the launch of Goldshell Byte, position it well to capture emerging opportunities in the digital asset mining space. These factors contribute to Galinko’s decision to maintain a Buy rating, albeit with a slightly reduced price target.
In another report released yesterday, Benchmark Co. also reiterated a Buy rating on the stock with a $7.00 price target.