Bullish ($BLSH) price target $42… StoneX flags risk of acquisition delay

StoneX initiated coverage of Bullish ($BLSH) with a Buy rating and a $42 price target, citing the company's pending acquisition of Equiniti as the cornerstone of its bullish thesis. Bullish agreed in May 2026 to acquire Equiniti for $4.2 billion, assuming $1.85 billion of Equiniti debt and issuing roughly $2.35 billion in new shares. StoneX analyst Mark Palmer framed Equiniti's shareholder-registry capabilities as the foundation for Bullish's tokenized-equity business. The call matters because it ties the stock's upside to closing a large, debt-laden deal rather than to Bullish's core exchange operations. Investors should watch for completion risk and timing of the Equiniti acquisition, which StoneX flagged as the key overhang on the shares.