StoneX Group initiated with an Outperform at William Blair

William Blair initiated coverage of StoneX Group (SNEX) with an Outperform rating. StoneX is a diversified specialty brokerage firm with a “global footprint, broad offerings, and a middle-market focus,” the analyst tells investors in a research note. The firm believes the company can continue to deliver book value per share growth in the mid-teens as it has done over the last 20 years. StoneX benefits from several secular trends, including regulatory shifts that are driving industry consolidation, the rise of off-exchange trading, and increasing globalization, contends Blair. The firm says that assuming a multiple of 1.8 times on calendar 2026 book value per share implies a stock price of $90 for upside of 14% over the next 12 months.