TD Cowen has lowered the price target for SharpLink shares to $13 due to weak Ethereum performance and regulatory delays.
TD Cowen has revised its price target for SharpLink Gaming shares down to $13, reflecting concerns over Ethereum's lackluster performance in the second quarter and ongoing regulatory setbacks. This update comes amid a broader reassessment of the cryptocurrency landscape.
Analysts at TD Cowen have also lowered their year-end prediction for Ethereum, now estimating it will close at $2,370 instead of the previous $3,650. Their longer-term forecasts for ETH include $3,347 by the end of 2027, $4,554 by 2028, and $5,969 by 2029.
The downward revisions are attributed to delays in the implementation of federal regulations for tokenized financial assets in the U.S., notably the postponed CLARITY Act.
Despite these short-term concerns, TD Cowen continues to support its investment stance on SharpLink. The firm pointed out the company’s significant capital moves in June, which included a $75 million funding round, an acquisition of 10,000 ETH, and a buyback of 2.13 million shares at an average price of $4.69.
Currently, SharpLink is projected to hold 940,000 ETH by year-end, translating to a net asset value of $9.13 per share. Analysts expect to refine these estimates after the upcoming quarterly earnings report in August.
As of now, SharpLink's SBET shares are priced around $6, reflecting a 5% increase over the past week.
