Bakkt price target raised to $42 from $14 at Clear Street

Clear Street analyst Brian Dobson raised the firm’s price target on Bakkt (BKKT) to $42 from $14 and keeps a Buy rating on the shares. The shares are up 245% since the firm launched coverage on September 9, and it sees further upside ahead, the analyst tells investors in a research note. The firm added that Bakkt’s stablecoin infrastructure is gaining attention as it is well positioned in the high-growth cross-border payment segment, adding that it believes the stock warrants a higher multiple of 19x, in line with stablecoin peers.