Canaccord Cuts Crypto-Adjacent Targets as Digital Asset Headwinds Bite

Canaccord Genuity delivered back-to-back target reductions on two of the more heavily crypto-levered names in its coverage, cutting Bullish explicitly on digital-asset headwinds and SharpLink Gaming on valuation. The pairing is instructive: one reflects deteriorating fundamentals in the underlying token complex, the other a compression of the multiple investors are willing to pay for treasury-strategy exposure. Together they mark a sell-side retreat from the reflexive re-rating that carried crypto-adjacent equities through prior cycles. The broker maintained a $17 target on Annovis Bio, indicating the caution is sector-specific rather than a blanket risk reduction. Beyond digital assets, idiosyncratic risk is asserting itself. Paramount is seeking a $1.88 billion bond in connection with antitrust proceedings over the Warner Bros. merger, a sizeable capital commitment that raises the cost of deal certainty for both parties and lengthens the timeline for arbitrage positions. Endeavour Mining slid on the session, a reminder that gold producers remain hostage to jurisdictional and operational surprises even in a supportive bullion tape. Smaller-cap catalysts rounded out the tape: AVITA Medical touted 70% cost savings for PermeaDerm versus allograft, XCF Global commenced commercial renewable diesel deliveries, and Columbus McKinnon shareholders approved board proposals. Stellantis, meanwhile, confirmed the next Jeep Cherokee will debut its STLA One platform in the US.