Exodus Movement price target lowered to $21 from $42 at Benchmark

Benchmark analyst Mark Palmer lowered the firm’s price target on Exodus Movement (EXOD) to $21 from $42 and keeps a Buy rating on the shares. Exodus is “attempting something far more ambitious than running a successful crypto wallet business” as the company is planning to transform itself into a crypto payments infrastructure platform designed to control the entire digital-asset transaction stack, says the analyst, who adds that the rationale for Exodus’ anticipated pivot, reducing the company’s dependence on crypto market conditions, was underlined by the company’s weaker-than-expected Q4 results that reflect lower swap volumes amid declining crypto prices during the quarter.