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Investing.com - Compass Point has reduced its price target on Bullish (NYSE:BLSH) to $41.00 from $56.00 while maintaining a Neutral rating on the stock.
The crypto exchange is currently trading near its August 13 IPO price, despite Street estimates for 2026 EBITDA increasing 52% since coverage initiation.
Bullish now trades at 28 times Compass Point’s 2026 estimated EBITDA versus 36 times EPS, with the firm’s 2026 EBITDA projection running approximately 5% below consensus estimates.
Compass Point expressed near-term caution on cryptocurrency markets, particularly regarding altcoins and retail trading, though noted that Bullish’s institutional focus and Bitcoin holdings (valued at $12 per share) could provide cleaner exposure to rebounding crypto prices.
The firm cited concerns about elevated Street forecasts and decelerating Subscription & Services revenue as factors behind the price target reduction, while acknowledging that sustained momentum from Bullish’s trading business could warrant a more constructive outlook.
In other recent news, Bullish Inc reported impressive financial results for the third quarter of 2025, with a 72% year-over-year increase in revenue, reaching $76.5 million. The earnings per share were recorded at $0.10, although there was no available forecast for direct comparison. Despite the strong financial performance, analysts have been adjusting their outlooks on the company. Deutsche Bank upgraded Bullish to a Buy rating from Hold, citing a more compelling risk/return profile. However, they slightly lowered their price target from $52.00 to $51.00. Meanwhile, Rosenblatt reduced its price target for Bullish from $62.00 to $55.00, although it maintained a Buy rating, noting the company’s strong third-quarter results and optimistic fourth-quarter guidance as indicators of market share gains. These developments reflect a mixed but cautiously optimistic outlook from analysts regarding Bullish’s future.
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