Core Viewpoint - Benchmark has raised its price target for CompoSecure (CMPO) to $24 from $17, highlighting operational momentum, M&A potential, and a significant product upgrade in its Arculus crypto wallet unit [1] Group 1: Stock Performance and Market Position - CMPO shares have surged approximately 61% year-to-date, outperforming the S&P 500, attributed to improved execution since Resolute Holdings acquired a majority stake in September 2024 [2] - The partnership between Arculus and N. Exchange, a non-custodial crypto trading platform, demonstrates the company's strategic focus on digital assets [2] Group 2: Product Development and Competitive Advantage - Arculus has enhanced its cold storage wallets by integrating with multiple liquidity venues and launching a smart order router, facilitating efficient trading alongside secure custody [3] - The introduction of advanced trading tools marks a transition from basic cold storage to a more dynamic offering, strengthening Arculus's competitive position against traditional wallet providers and exchanges with in-house custody-lite solutions [4] Group 3: Financial Projections and Valuation - Benchmark maintains a buy rating on CMPO, projecting FY26 adjusted EBITDA of $174.8 million on revenue of $502.9 million, viewing the company's valuation as attractive, especially with potential crypto adoption growth [5]