Bullish, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Ken Worthington from J.P. Morgan maintained a Hold rating on the stock and has a $63.00 price target.
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Ken Worthington has given his Hold rating due to a combination of factors influencing Bullish’s current market position and future prospects. The company recently reported better-than-expected financial results, with adjusted total revenue and EBITDA surpassing forecasts. However, the transaction revenue did not meet expectations, which raises concerns about the company’s ability to sustain its growth momentum.
Additionally, while Bullish has secured a BitLicense from the New York State Department of Financial Services, enabling it to expand into the U.S. market, there remains execution risk associated with this expansion. The recent 20% increase in stock price also suggests that much of the positive news may already be priced in. Consequently, despite the promising outlook, these uncertainties lead to a cautious approach, justifying the Hold rating.
In another report released yesterday, Bernstein also maintained a Hold rating on the stock with a $60.00 price target.