Shares of Exodus Movement, Inc. (EXOD) are soaring 6.57% in Friday's pre-market trading following a bullish initiation from a major Wall Street firm. The cryptocurrency wallet provider's stock is drawing significant investor attention on the back of this positive analyst coverage.

Cantor Fitzgerald has initiated coverage on Exodus Movement with an Overweight rating and a price target of $45. This represents a substantial upside potential from the stock's previous closing price. The firm's bullish stance on EXOD suggests confidence in the company's growth prospects and market position in the cryptocurrency space.

According to data from FactSet, Exodus Movement now has an average rating of "Buy" from analysts, with a mean price target of $54.94. This consensus, coupled with Cantor Fitzgerald's new coverage, underscores the positive sentiment surrounding the company in the financial community. As the cryptocurrency market continues to evolve, Exodus Movement's digital wallet solutions appear to be gaining traction among both users and investors.