StoneX starts Bullish at Buy, $42 target on tokenization deal

The significance here is less the rating itself than the rationale: a traditional brokerage framing a crypto exchange's acquisition as a route into tokenization, rather than as a crypto-native growth story. That reframes the Equiniti deal as a distribution play into regulated, mainstream asset servicing. The open question is whether the tokenization narrative holds up once the deal's integration costs and execution risk become the focus, rather than the addressable-market story that supports a target this far above the current price.