H.C. Wainwright analyst Kevin Dede reiterated a Buy rating on DeFi Technologies (DEFI – Research Report) today and set a price target of $4.50.
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Kevin Dede has given his Buy rating due to a combination of factors that highlight DeFi Technologies’ strategic positioning and potential for growth. He notes that the company’s establishment of CoreFi, a new public company aimed at owning and staking CORE tokens, mirrors successful strategies seen in companies like MicroStrategy and Sol Strategies. This move is anticipated to enhance DeFi Technologies’ net asset value by increasing its ownership stake in CoreFi, which is set to generate a 15% yield from Core blockchain awards.
Additionally, Dede emphasizes the significance of DeFi Technologies’ strategic alliances and innovative investment vehicles. The unique partnership with the Core Foundation and the formation of a public company focused on a single asset are expected to attract favorable valuations. Furthermore, DeFi Technologies’ diverse crypto-centric business model, which includes products that generate yield on bitcoin, positions it well to capitalize on the strong growth trends in crypto investment products. This comprehensive strategy underpins Dede’s confidence in the company’s future performance and supports his Buy rating with a price target of $4.50.