BitGo Holdings (BTGO) PT Lowered to $14 at Mizuho

Mizuho analyst Dan Dolev lowered the price target on BitGo Holdings (NYSE: BTGO) to $14.00 (from $17.00) while maintaining a Outperform rating.

The analyst commented, "BitGo’s first financial results as a public company were mixed on the headline but cleaner underneath the hood. Q4 total revenue grew ~440% year-over-year to ~$6.2bn, and FY rev up ~424% to ~$16.2bn (net revenue increased 50%+ y/y), driven by a growing trading franchise, S&S growth (client count more than doubled), and the ramp of its Stablecoin‑as‑a‑Service offering. On an underlying basis, the company would have been profitable in Q4, but reported a ~$50mn net loss due to unrealized losses on its digital‑asset treasury. We are lowering our forward estimates to reflect the softer backdrop for crypto (BTC down ~50% from ATH), net revenue decreasing ~20% for 26/27. Our new PT is $14 (from $17)."

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