BitGo price target lowered to $17 from $18 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on BitGo (BTGO) to $17 from $18 and keeps an Overweight rating on the shares. BitGo reported largely in-line Q4 results in its first earnings call post-IPO, capping a record year with 104% client growth, 513% trading volume growth, and $2.8B in Q4 stablecoin-as-a-service assets under management, the analyst tells investors in a research note. Despite a weaker crypto market year-to-date, the company remains well-positioned given regulatory tailwinds, international expansion plans, profitability, and a debt-free balance sheet, with shares near post-IPO lows seen as an attractive entry point, Cantor says.