DA Davidson Initiates Coverage on Rumble SPAC (CFVI) With Buy Rating and $15 Price Target

September 8, 2022 5:14 PM EDT
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Price: $12.04 --0%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

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    Up: 2 | Down: 23 | New: 24
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(Updated - September 9, 2022 10:56 AM EDT - corrects price target to $15)

DA Davidson analyst Tom Forte initiated coverage on right-leaning online video platform Rumble with a Buy rating and $15 price target after the close of trading Thursday.

Note that Rumble, a free-to-use video sharing site whose mission is to support content creators with its purportedly neutral platform, entered into an agreement with Cantor Fitzgerald’s SPAC, CF Acquisition Corp. VI (NASDAQ: CFVI), in December 2021 and expects to de-SPAC in September 2022.

The analyst forecasts Rumble to grow its revenue at a 119.1% CAGR between 2021 and 2024.

Among the catalysts for the company’s shares over the next 12 months, the analyst mentioned (1) The launch of its ad platform and expansion of its cloud-computing services; (2) Rumble’s differentiated strategy potentially to result in a greater-than-expected number of content creators joining its platform, which could have a positive impact on engagement and monetization; (3) The company’s plans to expand its platform internationally, beyond its current footprint (Australia, Canada, France, Italy, and the U.K.)

By Davit Kirakosyan

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