StoneX Sets $42 Bullish Share Target as Equiniti Deal Awaits Approval

On Monday, StoneX Financial opened coverage of Bullish (BLSH) with a Buy rating and a $42 share-price target, centering its investment case on the pending Equiniti acquisition.

StoneX analyst Mark Palmer focused on what Equiniti’s shareholder-record business could add to Bullish’s trading infrastructure. Equiniti works with nearly 3,000 issuers and maintains records for more than 20 million shareholders. A transfer agent maintains the records of who owns a company’s shares.

The planned combination is designed to connect securities issuance and ownership records with trading. That Equiniti strategy depends on the acquisition closing; StoneX’s $42 target reflects an analyst’s assessment, not an agreed transaction price.

Bullish announced the $4.2 billion agreement in May. The terms include $1.85 billion in assumed debt and about $2.35 billion in Bullish shares, subject to adjustments.

Bullish expects to close the acquisition in January 2027, pending required regulatory approvals and other closing conditions.