TD Cowen cuts Sharplink price target to $13 on lower 2026 ether outlook

TD Cowen cut SharpLink Gaming’s price target to $13 from $16, but kept a Buy rating after reducing its year-end 2026 ether forecast to $2,371 from about $3,650. The downgrade in assumptions reflects slower-than-expected progress on tokenized asset regulation, including delays around the CLARITY Act, which weighs on near-term Ethereum pricing and related treasury valuations. Even so, TD Cowen says its long-term Ethereum thesis is unchanged and argues SharpLink still has substantial upside from its ETH-heavy balance sheet and treasury operations. The note points to recent capital allocation actions, including a $75 million registered-direct financing, a 10,000 ETH purchase, and share repurchases. The stock closed at $6.41, implying roughly 103% upside to the new target, while ETH was trading lower on the day, underscoring a softer near-term backdrop for crypto-linked equities and Ethereum exposure.