XYZ Stock Upgraded To ‘Buy,’ Cantor Raises Targets On Crypto Plays, Sees Bear-Market Bottom

Crypto-linked stocks received a fresh round of bullish calls from Wall Street, with Block (XYZ) upgraded to ‘Buy’ and Cantor Fitzgerald doubling down on three other crypto plays amid expectations that the recent market downturn could be nearing its end.

Cantor Fitzgerald raised the price target on Sharplink Gaming (SBET) to $17 from $8.30, while doubling the price target on Forward Industries (FWDI) to $16 from $8 and on Bitmine Immersion Technologies (BMNR) to $63.60 from $30.60. The firm maintained an ‘Outperform’ rating on all three.

Meanwhile, Morgan Stanley initiated coverage on Coinbase (COIN) with an ‘Equal Weight’ rating and $250 price target.

Block Gets An Upgrade On AI-Driven Reorganization

In a note to investors cited by TheFly, StoneX analyst Mark Palmer upgraded Block to ‘Buy’ from ‘Hold’ with a $105 price target. The call comes roughly seven months after Jack Dorsey announced that the company would cut about 40% of its workforce and pivot toward an "intelligence-native" operating model with agentic intelligence at its center.

Palmer said early evidence suggests the reorganization is beginning to show results. He pointed to shipping velocity, a permanently lower cost base and a pipeline of new growth engines.