Webull beats Q3 expectations as revenue jumps 55% on strong trading
Investing.com - Deutsche Bank upgraded Bullish (NYSE:BLSH) from Hold to Buy on Thursday, while slightly lowering its price target to $51.00 from $52.00. The new target represents a 40% upside from the current price of $36.39, though InvestingPro analysis suggests the stock may be overvalued based on its Fair Value assessment.
The upgrade comes despite Bullish stock trading 5% below its August 12 IPO price, following a more than 50% contraction from its mid-August peak. Deutsche Bank cited a "more compelling risk/return profile" for the cryptocurrency exchange operator. InvestingPro data shows BLSH has fallen 46.49% over the past six months and is now trading near its 52-week low of $34.24, with the RSI suggesting the stock is in oversold territory.
Deutsche Bank noted encouraging business momentum across both trading and fee-based revenue streams, highlighting Bullish’s U.S. expansion and strong position in helping traditional finance firms integrate cryptocurrency into their platforms. With revenue of $198.8 million and analysts anticipating 70% sales growth this year, the company maintains strong liquidity with a current ratio of 38.78.
The firm expects Bullish to maintain adjusted EBITDA margins above 40% in the fourth quarter, potentially scaling to 45-50% in 2026 and 2027, despite recent weakness in cryptocurrency prices with Bitcoin trading near $89,000, down from its early October peak of $125,000. Though not profitable over the last twelve months with an EBITDA of -$32.12 million, analysts predict the company will be profitable this year with an EPS forecast of $0.23.
Deutsche Bank believes investors will increasingly acknowledge Bullish’s organic growth potential from its U.S. expansion and role as an infrastructure provider for traditional finance firms entering the cryptocurrency space, serving as a positive catalyst for the stock in coming quarters. Investors looking for deeper insights can access Bullish’s comprehensive Pro Research Report, available exclusively on InvestingPro, which offers expert analysis on this high-volatility stock ahead of its next earnings report on December 18.
In other recent news, Bullish Inc reported a significant 72% increase in revenue for the third quarter of 2025, reaching $76.5 million compared to the previous year. The company’s earnings per share (EPS) was reported at $0.10, although no specific forecast was available for comparison. Despite these robust financial results, Rosenblatt has adjusted its price target for Bullish to $55 from the previous $62, citing market conditions. However, Rosenblatt maintained a Buy rating on the stock, suggesting confidence in Bullish’s market share gains. The company also provided an optimistic outlook for the fourth quarter, which Rosenblatt interpreted as a sign of continued growth. These developments highlight Bullish’s strong performance and positive future expectations, according to analyst assessments.
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