UPDATE: Compass Point Starts Voyager Digital Ltd. (VYGR:CN) (VYGVF) at Buy, Top Crypto Pick
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Compass Point analyst Michael Del Grosso initiates coverage on Voyager Digital Ltd. (VYGR:CN) (OTC: VYGVF) with a Buy rating and a price target of Cdn$45.00.
The analyst comments "We initiate coverage of Voyager Digital Ltd. (VYGR) with a BUY rating and C$45 price target. We believe that Voyager is a differentiated consumer app offering retail investors a unique trading opportunity into the crypto asset class. As compared to larger peers, Coinbase, Square, and PayPal, Voyager has a strong value proposition in that it has a zero-commission trading model, offers a broader array of crypto trading pairs, and offers interest on a larger number of coins. We believe that this value proposition, combined with the large amount of dry powder (>$100M in potential marketing spend) should drive ~1M incremental funded accounts by YE22 and AUM of ~$11B. With shares currently trading at 10.3x our CY22E EPS we believe shares represent one of the most attractive opportunities within the Blockchain / Cryptocurrency industry. Initiate at BUY."
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