Citizens analyst Devin Ryan lowered the firm’s price target on SharpLink Gaming (SBET) to $40 from $50 and keeps an Outperform rating on the shares following the fiscal 2025 report. The target cut reflects the recent trading below net asset value, which has constrained SharpLink’s capital formation and slowed the pace of NAV expansion, the analyst tells investors in a research note. Citizens views this dynamic as transitory. It believes SharpLink’s fundamentals continue to improve and remains constructive on the long-term Ethereum opportunity.
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