Forum Markets price target raised to $9 from $5 at Benchmark

Benchmark raised the firm’s price target on Forum Markets (FRMM) to $9 from $5 and keeps a Speculative Buy rating on the shares following the company’s first earnings print as a fully constituted real world asset tokenization platform. While the company’s net loss from continuing operations of $77.5M “might have given pause to short-term algorithmic traders,” the “real story” was what it did between mid-April and quarter-end as Forum repurchased and retired about 5.8M shares funded by $24.9M in balance-sheet cash, formed a special committee of independent directors to evaluate the full menu of strategic alternatives and unveiled a fourth origination vertical, the analyst tells investors.