Crypto Stocks Get Boost as Analysts Upgrade Outlook
Wall Street analysts have been busy upgrading and revising their price targets for several crypto-linked stocks. StoneX analyst Mark Palmer upgraded Block's (XYZ) rating to 'Buy' from 'Hold', citing progress in its AI-focused reorganization. He noted that early evidence suggests the company is beginning to show results, with improvements in shipping velocity, a lower cost base, and a pipeline of new growth engines.
The output from Block's agentic AI platform has been 'impressive,' Palmer said, while margin improvement represents another significant dividend gained from its reorganization. XYZ stock edged 0.3% higher on Thursday morning trade.
Cantor Fitzgerald also raised its price targets for crypto treasury companies Sharplink Gaming (SBET), Forward Industries (FWDI), and Bitmine Immersion Technologies (BMNR). The firm maintained an 'Outperform' rating on all three stocks, but believes the current bear-market drawdown could bottom by October 2026.
Morgan Stanley initiated coverage of Coinbase with an 'Equal Weight' rating and a $250 price target. While the company sees 'meaningful strategic value' in Coinbase's positioning as a central access and infrastructure provider for digital assets, it notes that the company's earnings remain highly cyclical.