TD Cowen Cuts SharpLink Price Target Amid Weaker Ethereum Outlook

SharpLink Gaming's stock price target was lowered by TD Cowen to $13 from $16 due to reduced expectations for Ethereum prices in 2026. The firm cited weaker-than-expected second-quarter ether pricing and slower progress on federal rules for tokenized financial assets.

The analysts, Lance Vitanza and Jonathan Navarrete, revised their view after reducing the year-end 2026 Ethereum forecast to $2,371 from about $3,650. They also lowered later Ethereum forecasts under their updated model, expecting ether to reach $3,347 in 2027, $4,554 in 2028, and $5,969 in 2029.

SharpLink's stock outlook remains closely tied to ether prices because the company has shifted toward an Ethereum treasury strategy. The firm pointed out that SharpLink completed a $75 million registered-direct financing on June 22 and bought 10,000 ETH on June 30, repurchasing 2.13 million common shares at an average price of $4.69.

The analysts project SharpLink's ether treasury could reach about 940,000 ETH by the end of 2026. TD Cowen expects net asset value to reach $9.13 per share under its revised model, which is based on $2.228 billion in projected ether value and $862 million in treasury-operation value creation.