Analyst Mark Palmer from Benchmark Co. reiterated a Buy rating on Intchains Group Ltd. ADR and decreased the price target to $4.00 from $7.00.
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Mark Palmer has given his Buy rating due to a combination of factors that highlight Intchains Group Ltd.’s strategic positioning and potential for future growth. Despite experiencing a temporary decline in demand for its altcoin mining equipment, the company is proactively investing in research and development to launch new and advanced mining rigs, such as an upgraded Dogecoin rig expected to be market-ready by the first half of 2026.
Additionally, Intchains Group Ltd. is leveraging its technological edge with innovative products like the Goldshell Byte, which offers flexibility and adaptability in the volatile crypto market by allowing miners to switch between different proof-of-work altcoins. The company’s strong balance sheet, with substantial cash reserves and digital assets, provides a buffer during this transitional period. Furthermore, its strategic accumulation of ether, which has significantly appreciated in value, positions the company well for future financial gains. These factors, combined with the company’s discounted share price relative to its market position and R&D capabilities, underpin Palmer’s Buy rating.