Exodus Movement initiated with a Buy at Benchmark

Benchmark analyst Mark Palmer initiated coverage of Exodus Movement (EXOD) with a Buy rating and $38 price target The core of Exodus’ platform is a “leading” self-custody cryptocurrency wallet, through which users can securely store, manage, and exchange over 100,000 digital assets across more than 40 blockchains, says the analyst. The firm believes the recent pullback, with the company having given up more than 60% of its market capitalization in about five weeks, has created “a compelling opportunity for investors” to gain exposure to a company with strong operating momentum, the demonstrated ability to scale rapidly, and a tailwind from the more accommodative stance toward the crypto space in the U.S.