Analysts at TD Cowen lowered their price target on Sharplink Gaming to $13 from $16 while maintaining a Buy rating, citing weaker-than-expected second-quarter ether pricing and a lower year-end Ethereum forecast.

Sharplink shares closed at $6.41 on July 30, up 4.4% from the prior day's close of $6.14, according to The Block's SBET price page. The new price target implies 102.8% upside from that closing price. Ether was trading down 1.71% at $1,884.77, according to The Block's ETH price page.

In a note to clients, analysts Lance Vitanza and Jonnathan Navarrete revised their year-end 2026 ether forecast to $2,371, down from approximately $3,650 in their previous model. The analysts subsequently lowered their year-end 2027, 2028, and 2029 ether forecasts to $3,347, $4,554, and $5,969, respectively.

The revision was driven by slower-than-anticipated progress toward a federal regulatory framework for tokenized financial assets, including legislative delays surrounding the CLARITY Act, the analysts said.

Despite lower near-term price assumptions, TD Cowen said its underlying investment thesis for SharpLink remains intact. The brokerage pointed to SharpLink's June capital allocation, which included a $75 million registered-direct financing on June 22, the purchase of 10,000 ETH on June 30, and the repurchase of 2.13 million shares of common stock at an average price of $4.69 per share.

Under the updated framework, TD Cowen projects Sharplink's ether treasury will reach approximately 940,000 ETH by year-end 2026, with net asset value reaching $9.13 per share.

Expand Chart

The revised $13 price target is backed by a valuation framework consisting of $2.228 billion in ether value and $862 million in projected treasury-operation value creation, according to the note. 

Sharplink is scheduled to report its second-quarter 2026 financial results on August 10, per TD Cowen.