Intchains Group price target lowered to $3 from $4 at Benchmark

Benchmark lowered the firm’s price target on Intchains Group (ICG) to $3 from $4 and keeps a Buy rating on the shares. While the “soft” Q1 print reported last week reflected the cyclical pressures facing the altcoin mining market, those near-term results were “well telegraphed” and what should matter more in the long term is the demonstration of its strategy focused on capturing value across multiple layers of the Web3 ecosystem, the analyst tells investors.