Forum Announces Initiation of Analyst Coverage by Sidoti & Company with $10.00 Price Target
Forum Markets, Incorporated (Nasdaq: FRMM), a digital asset platform aimed at modernizing capital markets via the tokenization of real-world assets, announced that Sidoti & Company, LLC has initiated coverage of the company's common stock with a Not Rated (NR) classification and a price target of $10.00 per share. Sidoti is the third research firm to initiate coverage of Forum in 2026.
The research report, authored by Brendan McCarthy, CFA, was published on May 28, 2026. It highlights Forum's status as an early mover in the tokenization of institutional-grade real-world assets, functioning at the intersection of traditional financial markets and blockchain technology. Notably, the report identifies Forum's first tokenized product — the Eurus I Aero Token, which is backed by aircraft engines on lease to a major airline and is generating an 11% annualized return — as a key proof of concept. Sidoti's $10.00 price target corresponds to the company's current net asset value per share of approximately $10.00 and aligns with an estimated 20x Sidoti's 2028 free cash flow per share estimate of $0.50.
McAndrew Rudisill, executive chairman and CEO, expressed satisfaction with Sidoti & Company becoming the latest research firm covering Forum Markets. He stated, "We believe the tokenization of real-world assets represents one of the most significant structural opportunities in capital markets today, and Forum is well positioned to capture it." Rudisill pointed out the company’s first tokenized product, a growing asset origination pipeline across four key vertical markets, and a balance sheet trading at a meaningful discount to NAV as compelling factors for investment.
The Sidoti report outlines several key investment considerations, including Forum's active capital deployment in aerospace equipment financing, manufactured home loans, auto credit, and AI data infrastructure bridge lending. It also emphasizes a vertically integrated origination-through-distribution model supported by equity stakes in Karus, Zippy, and the parent company of Liquidity.io, Satschel, Inc., along with an ongoing share repurchase program that has seen approximately $25 million in buybacks through the second quarter of 2026. Forum shares are noted to trade at about 0.5x Sidoti's net asset value estimate of $10.00 per share.
Forum Markets, Incorporated operates as a digital asset platform that tokenizes institutional-grade real-world assets on Ethereum, aiming to unlock liquidity, broaden investor access, and enable more efficient primary issuance and secondary market activity. The company merges traditional asset management principles with scalable digital market architecture, creating a new framework for how real-world value is originated, accessed, and traded.