Compass Point initiated coverage of Bullish (BLSH) with a Neutral rating and $45 price target The company is an international crypto exchange focused on institutional traders outside the U.S. with an opportunity to take market share in the U.S. where institutional trading is dominated by Coinbase (COIN), the analyst tells investors in a research note. However, Compass finds it hard to justify Bullish’s current valuation with the shares trading at 110-times EBITDA and 68% above the initial public offering price. The firm does not expect the company to enter the U.S. until crypto market structure legislation passes next year.
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