Keefe, Bruyette & Woods initiates Bullish stock coverage with Market Perform rating

Investing.com - Keefe, Bruyette & Woods (KBW) initiated coverage on Bullish (NYSE:BLSH) with a Market Perform rating and a $55.00 price target on Monday.

The research firm views Bullish as an institutionally focused digital assets platform that provides market infrastructure and information services to clients.

KBW highlighted that the stock offers investors a unique opportunity to own a highly-regulated digital assets exchange business that is poised for near-term expansion in the United States.

The firm expects this expansion to drive one of the higher growth profiles among Bullish’s peer group in what could eventually become one of the largest markets in the company’s footprint.

KBW also noted that Bullish’s differentiated tech stack, competitive fee schedule, and ample balance sheet liquidity position the company well to gain additional market share in the digital assets space.

In other recent news, several major financial institutions have initiated coverage on the cryptocurrency exchange Bullish. Rosenblatt Securities has given Bullish a Buy rating with a $60 price target, highlighting the improved U.S. political environment as a positive factor for increased institutional adoption in the crypto sector. Deutsche Bank, on the other hand, has issued a Hold rating with a $51 price target, noting Bullish’s potential for strong long-term EBITDA and EPS growth due to its business model and experienced management team. Similarly, Jefferies has also assigned a Hold rating with a $49 price target, describing Bullish as an attractive growth story due to rising institutional demand. JPMorgan has rated Bullish as Neutral with a $50 price target, expressing confidence in the company’s management to navigate the complexities of the cryptocurrency ecosystem. Bernstein has given Bullish a Market Perform rating with a $60 price target, anticipating its potential to become the second-largest institutional exchange after Coinbase, depending on the successful launch of its U.S. business in 2026. These recent developments reflect the varied outlooks from different analysts regarding Bullish’s position in the evolving cryptocurrency market.

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