BofA Securities cut its price target for eToro Group (ETOR) to $39 from $46 and maintained its Neutral rating, citing a reduced outlook for account growth. It also lowered its earnings per share estimates for the third quarter of 2026 and for full-year 2026, 2027, and 2028.
The new target applies an 11x multiple to BofA’s 2028 earnings per share estimate, down from 12.5x. BofA expects lower contributions from equities, commodities, and currencies trading. It forecasts a 51% quarterly increase in crypto net trading contributions, supported by recent rallies in Bitcoin and Ethereum.