Wall Street Analysts Initiate Coverage of Bullish with Buy Ratings
Crypto platform Bullish (BLSH) has received multiple stock ratings from analysts following its recent IPO.
- Rosenblatt Securities initiated coverage with a buy rating and a $60 price target, citing U.S. political changes and institutional adoption as growth drivers.
- Bullish has processed over $500 billion in annual trading volume despite not serving U.S. clients, indicating strong demand.
- The impending U.S. launch and the GENIUS Act are expected to enhance stablecoin-related revenue.
- Canaccord Genuity also rated Bullish as buy with a $68 price target, focusing on its BitLicense and institutional traction.
- Bernstein assigned a market-perform rating with a $60 price target, predicting Bullish could capture around 8% of U.S. spot institutional crypto volumes by 2027.
- JPMorgan provided a neutral rating and a $50 price target, emphasizing valuation concerns amid growth potential.
Bullish aims to expand into retail trading and leverage its ownership of CoinDesk for further growth opportunities. Its shares were trading down 3.6% at approximately $50.53 at publication time.