Benchmark analysts expect Intchains' stock to more than double, but lower target price

Benchmark analysts are still bullish that China-based Intchains Group's (NASDAQ: ICG) share price will more than double amid diversification efforts, but lowered the company's price target.

Primarily, it praised the altcoin mining rig firm for seeking to expand its revenue streams.

"Known primarily for developing specialized altcoin mining hardware through its Goldshell brand, Intchains has been steadily evolving into a hybrid crypto infrastructure platform that combines hardware development, staking services, and Ethereum treasury accumulation," Benchmark analyst Mark Palmer wrote in a note published Tuesday.

While Intchains provides altcoin mining products, developing "integrated mining machines optimized for specific altcoin algorithms," the company has also made an effort to stockpile and stake Ethereum. 

In the first quarter of this year, Intchains grew its ether treasury to 9,070 ETH, up from  8,826 ETH at the end of last year, according to Benchmark. Intchains has staked approximately 2,600 ETH, the analysts also said.

Shares of ICG are changing hands at $1.23 as of Tuesday morning. Benchmark reiterated its "Buy" rating for Intchains and predicted the stock would more than double to $3 per share. In a previous research note, Benchmark forecasted Intchains' stock to hit $4.

Intchains should produce revenue of $67.6 million in 2026, according to Benchmark, less than the $70.9 million in annual revenue the analysts had previously predicted.

Benchmark's analysts stated that Intchains' business is vulnerable to an unstable market. "When token prices fall or mining profitability declines, miners frequently delay or cancel hardware purchases," Palmer said. "The company’s 4Q25 results illustrated this reality."