Bernstein initiated coverage of Bullish (BLSH) with a Market Perform rating and $60 price target. The firm believes Bullish will be the second largest institutional crypto exchange after Coinbase (COIN) following the successful launch its U.S. business in 2026. However, with Bullish trading at 28-times enterprise value to estimated 2027 EBITDA, Bernstein wants to see some early execution success for its U.S debut before recommending the shares.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BLSH:
- Bullish initiated with a Buy at Canaccord
- Bullish initiated with a Hold at Jefferies
- Bullish initiated with a Neutral at JPMorgan
- BMNR, BLSH: Cathie Wood Bets $23M on Crypto Stocks, Trims Stakes in Roku, DraftKings, and Teradyne
- Crypto Currents: Coincheck enters agreement to acquire Aplo