DeFi Technologies Lands Buy Rating with $1 Price Target

Jones Trading has initiated coverage on DeFi Technologies () with a Buy rating and a price target of $1.00.

The firm's bullish thesis on financial asset management companies rests on cash flow generated from management fees and yield collected on underlying assets, including Ethereum awarded via the proof-of-stake mechanism.

Jones Trading noted that contraction in crypto prices has a more dramatic effect on crypto assets under management given generally smaller balances than fiat counterparts such as Fidelity and Vanguard.

The firm set a conservative price target of $1.00, which reflects significant upside potential considering the stock currently trades at $0.01, down over 70% year-to-date.