Cantor Initiates Forward Industries, Cypherpunk at Overweight (FWDI, CYPH)

Cantor Fitzgerald started coverage of Forward Industries and Cypherpunk Technologies with an Overweight rating. The firm did not disclose price targets.

Forward Industries makes carrying cases for medical devices and diagnostic equipment. The company has a market cap under $10 million and has been working to expand its product lineup. Cypherpunk Technologies focuses on blockchain and cybersecurity solutions. It trades on the Nasdaq under the ticker CYPH.

An Overweight rating from Cantor implies the analyst expects the stock to outperform the broader market or its sector over the next 12 to 18 months. The initiation comes without a prior coverage history from the firm on either name.

Neither company issued a statement on the coverage. Shares of both stocks are thinly traded, which can amplify moves on analyst calls. The initiation adds a fresh voice to two small-cap names that get limited Wall Street attention.