Bakkt Price Target Raised to $40 Despite Recent 170% Surge
Bakkt (BKKT) experienced a 170% increase in two weeks, with a price target raised by Benchmark from $13 to $40.
The stock is currently trading at around $26, with a valuation of 9.9 times the estimated 2026 EBITDA, which is lower compared to peers like Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x).
Benchmark views Bakkt as undervalued due to its growth potential, focusing on crypto infrastructure, stablecoin payments, and a bitcoin treasury strategy.
Under CEO Akshay Naheta, Bakkt has sold its custody division and is exiting its legacy loyalty business, aiming for profitability by early 2026.
Fintech veteran Mike Alfred joined Bakkt’s board, bringing expertise in financial services and digital infrastructure.
