All articles tagged with #canaccord
Archer Aviation's stock, after initial decline, is supported by bullish analyst ratings, notably from Canaccord's Austin Moeller who maintains a $13 target, citing production progress, a strong cash reserve, and advancing certification, despite risks like cash burn and regulatory hurdles.
Canaccord's report suggests that the upcoming Bitcoin reward halving event could further boost the momentum for ETFs tied to the cryptocurrency, potentially becoming a more significant factor in its price action. The approval of spot ETFs, the impending halving, and increased risk appetite in financial markets were key drivers behind Bitcoin's 60% rally in the first quarter. The halving, which will reduce miner rewards by 50%, is expected next month and has raised questions about miner profitability. Canaccord sees the SEC's approval of U.S. spot Bitcoin ETFs as a positive development, anticipating continued retail investor interest in adding crypto exposure to tax-advantaged accounts. The report also notes signs of decoupling between publicly traded miners and Bitcoin's price, with spot ETFs offering equity investors an alternative way to gain exposure to the cryptocurrency.
Despite Bitcoin reaching all-time highs, MicroStrategy continues to add to its bitcoin stash, prompting Canaccord to raise its price target on the stock to $1,810. The company's strategy of purchasing bitcoin when its stock trades at a relative premium to its holdings has been accretive, leading to a strong track record of driving shareholder value. With no direct competitors emerging, MicroStrategy now holds around 205,000 bitcoin, making it the largest corporate holder of the cryptocurrency.