Deutsche Bank is more bullish on eToro following its third-quarter earnings report. Analyst Brian Bedell upgraded the stock and crypto trading stock to buy from hold. He also lifted his target price to $45 from $44. Shares of eToro, which debuted on the Nasdaq in May, have slipped 27% since their IPO . Bedell's updated forecast implies that the stock could rally 19% from Monday's close. ETOR YTD mountain ETOR YTD chart Deutsche's upgrade comes after eToro reported third-quarter earnings that beat expectations. The company also shared third-quarter net contribution and adjusted EBITDA that exceeded estimates. Bedell pointed out that the company's strong fundamentals, combined with its pullback this year, make it more attractive now to investors. "We are upgrading ETOR to Buy from Hold post 3Q25 earnings, as we see the stock's risk/return profile being more attractive now, following a more than 25% decline since its IPO listing in May and an improved earnings growth profile upon better business momentum," he wrote. "Though the company's earnings can be inherently volatile given several growth initiatives still being in development phases, we believe our forecasts could prove to be conservative should the company become more successful in its U.S. expansion strategy, along with a number of other growth initiatives." The analyst added that given eToro's initiatives and good recent business momentum, he now has greater conviction on a double-digit account growth trajectory. He also predicts its trading revenue growing, and continues to see strength in non-trading areas that include subscription revenue, money transfers and net interest income. Bedell also pointed out that eToro recently launched copy trading in the U.S., allowing users to automatically replicate the trades and portfolios of other successful investors. While eToro already has a strong presence in Europe, Bedell also applauded the company's efforts to build its footprint in the U.S. and Asia.
