Benchmark sees Bakkt ‘poised for a fresh start,’ initiates at Buy

As previously reported, Benchmark analyst Mark Palmer initiated coverage of Bakkt (BKKT) with a Buy rating and $13 price target Bakkt is “poised for a fresh start” after a period of restructuring with a streamlined focus and reset growth trajectory, says the analyst, who calls the divestiture of its custody business and the pending sale of its legacy loyalty business “a decisive exit from capital-intensive, non-core operations.” The company is refocusing around three high-conviction initiatives under new leadership: a revamped “brokerage-in-a-box” solution, a new bitcoin treasury strategy and a stablecoin payments initiative, the analyst noted.