THE BLOCK · 2026-11-09 16:07 UTC

StoneX sees 97% upside for Bullish as $4.2 billion Equiniti deal opens tokenization market

StoneX initiated coverage of Bullish with a Buy rating and a $42 price target. Analyst Mark Palmer called Bullish's pending $4.2 billion acquisition of Equiniti, expected to close in January, the linchpin of the bullish thesis on the stock. StoneX says the deal will make Bullish transfer agent of record for about 30% of the S&P 500 and half the FTSE 100.

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