Compass Point initiated coverage of Exodus Movement (EXOD) with a Buy rating and $70 price target Exodus develops self-custodial wallet software for digital assets, and its Exodus Wallet is a consumer app that helps retail users store and trade a vast majority of crypto assets, the analyst tells investors in a research note. The firm says self-custodial wallets are different from centralized exchanges like Coinbase that custody user assets and determine which assets can be traded. Compass believes Exodus should trade at a valuation premium to centralized peers and expects a share re-rating as investors appreciate decentralized technology’s “superior” margins and scalability.
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