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By Sam Boughedda
Investing.com — Shares of Mogo Inc (TSX:MOGO) rose to a high of $3.07 Wednesday after H.C. Wainwright analyst Scott Buck provided bullish commentary on the stock.
Buck lowered the firm's price target on Mogo to $8 from $12 while reiterating a buy rating.
In a research note, the analyst told investors that the company's investment in NFT Trader — announced Tuesday — offers upside potential.
The analyst added that while Mogo continues to execute on its strategy, valuations for crypto and small-cap technology stocks remain under pressure, therefore providing the reason to lower Mogo's price target.
Regardless, Buck said investors should take advantage of the "dislocation in market valuation" of Mogo and build a position.
Earlier today, Mogo revealed it has appointed Allan Smith in the newly created Chief People Officer role. The shares were up 3% heading into the close.