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Investing.com - Cantor Fitzgerald raised its price target on Bullish (NYSE:BLSH) to $59.00 from $56.00 on Thursday, while maintaining an Overweight rating on the cryptocurrency services company. The stock, currently trading at $54.35 with a market capitalization of nearly $8 billion, has shown significant price volatility according to InvestingPro data.
The firm cited Bullish’s successful first quarter as a public company, with results aligning with ranges provided in its F-1 filing. Bullish also guided materially higher on revenue and adjusted EBITDA for the third quarter of 2025, despite weak transaction volumes quarter-to-date. While the company currently maintains a strong liquidity position with a current ratio of 15.98x, InvestingPro analysis indicates the stock is trading above its Fair Value.
Cantor Fitzgerald highlighted robust demand in Bullish’s SS&O segment, which includes liquidity services, indices, data, and information services. Management guided for approximately 45% quarter-over-quarter growth in that segment, with much of the sequential growth attributed to the third quarter being the first full quarter of its Solana contract.
The research firm noted Bullish received its New York Bitlicense yesterday, allowing it to begin onboarding U.S. customers. This development should serve as a tailwind to transaction volumes, though the impact on financial results is not expected until 2026.
In its price target adjustment, Cantor Fitzgerald applied a 35x 2026E EV/EBITDA multiple, down from 45.1x previously, while raising revenue and adjusted EBITDA estimates for fiscal years 2025 and 2026. Analysts are projecting profitability this year, despite current challenges with gross profit margins. For deeper insights into Bullish’s financial health and extensive metrics, access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks.
In other recent news, Bullish Inc reported its earnings for the second quarter of 2025, revealing a mixed financial performance. The company announced an earnings per share (EPS) of -$0.0273 and revenue of $55.8 million, which did not meet market expectations. Following this report, Canaccord Genuity reiterated its Buy rating on Bullish with a price target of $68.00, citing the company’s solid progress since its initial public offering and the strategic value of its newly acquired BitLicense from the New York Department of Financial Services. Meanwhile, Bernstein SocGen Group maintained its Market Perform rating with a $60.00 price target, noting a 29% decrease in trading volumes and a 20% compression in blended take rates for the quarter. Keefe, Bruyette & Woods also reiterated its Market Perform rating with a $55.00 price target, stating that Bullish’s performance slightly exceeded its estimates and aligned with the company’s IPO guidance. These developments reflect varied analyst perspectives on Bullish’s recent activities and financial results.
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