TD Cowen updated its valuation for the David Bailey-led Nakamoto bitcoin treasury company, citing pressure from bitcoin's decline on the company's debt-heavy capital structure, but still maintained its Buy rating.
The bank's analysts Lance Vitanza and Jonnathan Navarrete lowered their split-adjusted price target for the Nasdaq-listed Nakamoto Inc.
(NAKA) to $17.
The new target still implies nearly 275% upside from NAKA's current price.
Nakamoto went through a 1-for-40 reverse split in May, making TD's previous $1 target equivalent to $40 on the current basis.
