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Seeking Alpha 2021-06-15 12:07:56

Mogo stock climbs after BTIG initiates at Buy on digital disruption, crypto plays

martin-dm/E+ via Getty Images Mogo (MOGO) stock jumps 4.2% in premarket trading after BTIG analyst Mark Palmer initiates coverage with a Buy rating, calling it an "attractive means through which investors can play both the digital disruption of the Canadian financial services industry and the increasing adoption of bitcoin and other cryptocurrencies." Sets $13 price target, valuing the company at $8 per share and its stake in cryptocurrency exchange Coinsquare at $5 per share. Palmer says the company's acquisitions of Carta Worldwide and Moka Financial, as well as investment in Coinsquare, accelerates the assembly of an emerging fintech "super app." Palmer's Buy rating leans more bullish than the Neutral Quant rating and compares with the average Wall Street rating of Very Bullish (2 Very Bullish, 2 Bullish). SA contributor Sherif Samy sees Mogo experiencing stronger membership growth in the near future.

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