Exodus Movement price target lowered to $42 from $58 at Benchmark

Benchmark analyst Mark Palmer lowered the firm’s price target on Exodus Movement (EXOD) to $42 from $58 and keeps a Buy rating on the shares. Q3 results were essentially in line with expectations on both the top and bottom lines, notes the analyst, who calls the Q3 report “the kind of print that doesn’t make for exciting headlines at first glance but could mark the start of an important new chapter for the company.” The company’s announcement of its acquisition of Grateful, a stablecoin payments orchestrator for merchants, should advance its efforts to expand access to digital payments and crypto in Latin America, while news that a deal had been reached to end the U.S. government shutdown reopens the door for Senate passage of the long-awaited CLARITY Act, the analyst tells investors.