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Investing.com - Clear Street has upgraded Bullish (NYSE:BLSH) from Hold to Buy while simultaneously lowering its price target from $60.00 to $57.00, according to a research note released Tuesday. This target still represents a 31% upside from BLSH’s current price of $46.59, with the company set to report earnings in just over a week on November 19.
The upgrade comes despite Bullish stock declining 21% since October 20, when Clear Street initiated coverage. InvestingPro data confirms this downward trend, showing BLSH has fallen 31.5% over the past six months and is currently trading 61% below its 52-week high of $118. The research firm believes the recent sell-off is "overdone" and presents "an attractive setup for the shares going into 2026."
Clear Street based its more positive rating on five key factors: Bullish gaining market share in global spot trading, expansion in options trading and liquidity services, attractive valuation, strong blockchain fundamentals, and the reopening of government. The valuation assessment aligns with InvestingPro analysis, which indicates the stock is currently overvalued despite trading at 2.7x book value.
The firm modestly raised its revenue estimates for Bullish due to improved prospects, noting that the company’s fundamentals remain strong based on market share analysis and due diligence conducted at recent industry conferences including Money20/20, Ripple Swell, and Chainlink SmartCon. This aligns with InvestingPro data showing analysts expect 70% revenue growth this fiscal year, with two analysts recently revising earnings estimates upward.Want deeper insights? InvestingPro offers 9 additional tips on BLSH and a comprehensive Pro Research Report with actionable intelligence on this and 1,400+ other US equities.
The lower price target primarily reflects "lower stock multiples driven by weaker sentiment," with Clear Street attributing the broader drawdown in blockchain stocks to concerns about macroeconomic conditions and artificial intelligence rather than company-specific issues. Despite current losses (P/E ratio of -44), analysts tracked by InvestingPro expect Bullish to become profitable this year with forecasted EPS of $0.23.
In other recent news, Bullish reported an impressive $80.5 billion in trading volume for October 2025, marking a significant increase from September’s $39.6 billion. Bitcoin spot trading notably contributed to this surge, with volumes rising to $38.2 billion from $16.4 billion in the previous month. In a move to expand its offerings, Bullish announced the launch of crypto options trading on October 8, partnering with a consortium of trading partners to enhance its derivatives ecosystem. This new service will be integrated with Bullish’s existing trading products, providing institutional customers with a unified trading account. Additionally, Bullish has launched its spot trading services in 20 U.S. states, following regulatory approvals, including a BitLicense from the New York State Department of Financial Services. Clear Street has initiated coverage of Bullish with a Hold rating and a $60 price target, reflecting a 28x EV/2027 EBITDA multiple. Meanwhile, Bullish’s stock saw a decline amid broader market reactions to rising U.S.-China trade tensions, affecting several Bitcoin-linked stocks.
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