H.C. Wainwright Starts Carbon Streaming (OFSTF) at Buy

November 23, 2022 6:10 AM EST
Get Alerts OFSTF Hot Sheet
Price: $1.49 -3.87%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 28 | New: 30
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(Updated - November 23, 2022 6:36 AM EST)

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."

For an analyst ratings summary and ratings history on Carbon Streaming click here. For more ratings news on Carbon Streaming click here.

Shares of Carbon Streaming closed at $1.57 yesterday.

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