Greenridge lowered the firm’s price target on Cango (CANG) to $3 from $4 and keeps a Buy rating on the shares. The sell off in Bitcoin seemed to force management’s hand by liquidating half its BTC treasury at “a less than opportune time,” but, if anything, it should force an acceleration in the shift to its AI inferencing model, the analyst tells investors. The firm remains optimistic on Bitcoin, Bitcoin mining and AI data centers in the medium and long term and views Cango as “a less expensive, and not overly levered play in that space,” the analyst added.
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