Bitcoin Depot price target raised to $8.50 from $7 at Northland

Northland raised the firm’s price target on Bitcoin Depot (BTM) to $8.50 from $7 and keeps an Outperform rating on the shares after the company announced the acquisition of all the assets of Pelicoin, a crypto ATM operator based in Louisiana. While this “appears to be a relatively small acquisition,” the firm views it as “a testament” to management executing on its kiosk acquisition roll-up strategy, the analyst tells investors.