StoneX Doubles Securitize Target on Tokenized Stock Platform Launch

StoneX lifts Securitize target from $12 to $18

StoneX raised its price target for Securitize (ticker: SECZ) from $12 to $18 on Monday, marking a 50% increase. The firm kept its Buy rating after Securitize launched its tokenized stock trading platform earlier that week.

Despite the upgrade, SECZ shares fell 10% on Monday morning. The new target sits roughly 45% above the stock's current price at the time of writing.

What the analyst says

StoneX analyst Mark Palmer argued that investors are still pricing SECZ as a tokenization vendor, even though the company has shifted into a market operator with its new stock platform.

Palmer noted that most of Securitize's existing tokenization revenue has come from integration fees. During the company's second-quarter earnings call in August, management confirmed that only a small portion of its $5.3 billion in transaction volume during that quarter was actually converted into revenue.

The launch of Securitize Stocks changes that dynamic. The platform lets Securitize earn fees from trading activity and servicing charges, with possible additional revenue from collateral down the line.

How the tokenized stock platform works

Securitize launched tokenized versions of major U.S. stocks including Apple, Nvidia, and Tesla on the Solana blockchain (a platform that records transactions publicly and quickly). Transactions settle using USDC, a stablecoin that is pegged one-to-one to the U.S. dollar.

Each tokenized share is backed one-for-one by the real underlying stock. Holders receive the same dividend and shareholder rights as traditional shareholders.

Revenue projections through 2028

StoneX projects Securitize revenue at nearly $120 million in 2027, growing to approximately $198.5 million in 2028. That represents roughly 65% annual growth.

Palmer's $18 target is based on a 14.5-times enterprise-value-to-revenue multiple applied to the 2028 forecast.

• Price target raised from $12 to $18 (a 50% increase)
• Buy rating maintained by analyst Mark Palmer
• SECZ shares dropped 10% on Monday despite the upgrade
• Q2 transaction volume reached $5.3 billion, but most was not monetized
• Revenue projected at ~$120 million in 2027 and ~$198.5 million in 2028

What is still unclear

The analyst's projections depend on adoption of the new tokenized stock platform. StoneX did not provide details on how quickly trading volume is expected to ramp up, or what specific fee structures Securitize plans to apply.

Sources

• The Block

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