H.C. Wainwright Starts Carbon Streaming (OFSTF) at Buy
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H.C. Wainwright analyst Amit Dayal initiates coverage on Carbon Streaming (OTC: OFSTF) with a Buy rating and a price target of $3.75.
The analyst commented, "Carbon Streaming Corp. is Canada’s first publicly listed carbon credit company and focuses on funding ESG-based carbon offset projects in exchange for tradeable carbon credit certificates. The company is leveraging a proven royalty-streaming model, where the company pays an upfront deposit and makes a series of additional payments against project milestones and credit delivery to support project developers in their carbon reduction initiatives, while also being a reliable source of carbon credits to buyers. We believe global policy initiatives such as the Paris Agreement, adopted in 2015, aiming for approximately 50% reduction in greenhouse gas (GHG) emissions by 2030 and a net-zero target by 2050 are driving this market. According to a McKinsey report, the annual global demand for carbon credits is expected to grow to 1.5-2.0 gigatons of carbon dioxide equivalent (GtCO2e) by 2030 and up to 7.0-13.0 GtCO2e by 2050 as initiatives to decarbonize the economy ramp. Industry reports indicate that there are currently between 28 and 32 emissions-trading systems (ETS) that fall under the compliance carbon market (CCM), covering over 35 national jurisdictions with an estimated market value of over $270B. Similarly, the voluntary carbon market (VCM) is estimated to range between $1-2B currently with the potential to touch $50B over the next decade as carbon credit purchases ramp."
Shares of Carbon Streaming closed at $1.57 yesterday.
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