eToro Group (ETOR) PT Raised to $90 at Citizens on Potential for Aggressive buybacks, M&A

Citizens analyst Devin Ryan raised the price target on eToro Group (NASDAQ: ETOR) to $90.00 (from $85.00) while maintaining a Market Outperform rating.

The analyst commented, "eToro is positioned to play offense across buybacks and M&A, with $1.3B of cash and investments representing roughly one-third of the company's market capitalization. The company exited 1Q26 with $1.3B of cash, cash equivalents, and short-term investments even after repurchasing ~3.4% of outstanding shares (~3.3M shares) for ~$103M during the quarter (close to the free cash generated in the period). Management described the M&A pipeline as "very, very strong" and as just one example, believes the current crypto downturn is creating opportunities for "significant and accretive M&A opportunities in 2026." eToro is focused on three primary M&A areas including crypto assets that expand product capability, U.S. assets that can accelerate local scale, and market-specific assets that help replicate the company's UK localization playbook in other geographies. Given the scale of the cash position, robust ongoing free cash flow generation, and demonstrated willingness to deploy capital across buybacks and strategic acquisitions, we view capital allocation optionality as an underappreciated lever for shareholder value creation (just running simplistic math off deploying even half of that cash toward acquisitions could likely drive 25%+ EBITDA accretion)."

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