Analysts kept a Buy rating on $EXOD as weaker crypto market conditions pressured forecasts, while the company pushes deeper into stablecoin and card payments infrastructure after the Monavate and Baanx deals.
Benchmark nearly halved its price target for Exodus after the crypto wallet company cut 25% of its workforce. Analysts maintained a Buy rating on $EXOD, arguing the layoffs support Exodus’ pivot toward full-stack stablecoin payments infrastructure as it expands beyond wallet services. The company said the restructuring follows its acquisitions of Monavate and Baanx, will result in $2.5 million to $3.5 million of pretax charges, and is expected to generate $10 million to $13 million in annual cash operating savings by 2027. Benchmark analyst Mark Palmer cut his price target to $12 from $23 and lowered revenue forecasts, citing weaker conditions across the broader crypto market rather than concerns about Exodus’ strategy. Palmer said investors may be underestimating the payments capabilities gained through the acquisitions, including card issuance, stablecoin settlement and enterprise payments, as Exodus works to reduce its dependence on crypto swap fees and trading volumes.