StoneX covered Bullish for the first time, issuing a Buy rating and a target price of 42 USD, stating that the Equiniti acquisition will open up the tokenization market.
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AT A GLANCE
StoneX Financial gives Bullish a "Buy" rating and a target price of 42 USD, and is optimistic about its tokenization opportunities following the acquisition of Equiniti.
Article
StoneX：Bullish stock has 97% upside potential, as the acquisition of Equiniti will open up the tokenization market for it
PANews November 10 reports, according to The Block, that StoneX Financial has initiated coverage of crypto exchange Bullish, assigning a “Buy” rating and a target price of 42 USD, implying about 97% upside. Analyst Mark Palmer noted that Bullish’s pending 4200000000 USD acquisition of Equiniti is key to his bullish thesis; upon completion, Bullish will become the registrar for approximately 30% of S&P 500 companies and half of FTSE 100 companies, controlling critical nodes where stocks transition from database entries to tokens. Palmer stated that the on-chain size of tokenized equities is currently around 2100000000 USD, while global equity value totals 151000000000000 USD, and the tokenized asset market could reach 9400000000000 USD by 2030. Bullish’s second-quarter adjusted revenue grew year-over-year...
Key points
01
StoneX Financial initiated coverage of the crypto exchange Bullish, assigning a "Buy" rating and a target price of 42 USD.
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The report states that the USD 42 price target implies about a 97% upside for Bullish's share price.
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Analyst Mark Palmer said that Bullish is about to complete the Equiniti acquisition for 4200000000 USD.
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Mark Palmer stated that, upon completion of the transaction, Bullish will become the registrar and transfer agent for approximately 30% of S&P 500 companies and half of FTSE 100 companies.
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Mark Palmer stated that the current on-chain size of tokenized stocks is approximately 2100000000 USD, while the global stock value reaches 151000000000000 USD.
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Mark Palmer expects the tokenized assets market could reach 9400000000000 USD by 2030.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
StoneX Financial believes that Equiniti's registration and transfer agency capabilities allow Bullish to access the critical stage where stock records transition from databases to tokens, and therefore assigns a Buy rating and a target price. This is an analyst's investment judgment and does not necessarily mean that the stock price or market size will actually be achieved.
Why it matters to readers
If the acquisition is completed, Bullish may gain the ability to serve as a registered transfer agent for several large publicly listed companies, thereby entering the stock tokenization segment; however, both the upside potential and market size are projections.
New investors should distinguish between disclosed facts and forecasts: ratings, target prices, and market size outlooks are all analysts’ opinions and should not be regarded as certain returns.
Risks and unknowns
Evidence states that the acquisition is “about to be completed,” but it has not confirmed that the transaction has been finalized.
97% of the upside comes from the target price calculation, not from realized gains.
The market size of 9400000000000 USD in 2030 is a probabilistic forecast.
The main text is truncated at Bullish's second-quarter adjusted revenue, making it impossible to confirm the complete financial data.
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