B. Riley analyst Nick Giles raised the firm’s price target on BitFuFu (FUFU) to $6 from $4 and keeps a Buy rating on the shares. The firm updated its model following the company’s Q4 results on more conservative BTC price assumptions, the analyst tells investors in a research note. BitFuFu’s cloud mining business provides structural resilience amid the bearish BTC market and generates the cash inflows needed to preserve BTC treasury upside when the market turns, B. Riley argues.
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