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.
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