Bullish price target lowered to $52 from $55 at Rosenblatt

Rosenblatt analyst Chris Brendler lowered the firm’s price target on Bullish (BLSH) to $52 from $55 and keeps a Buy rating on the shares. The firm attributes the recent weakness in the shares to the impending initial public offering lock-up expiry rather than fundamentals. Bullish’s December trading volumes came in below consensus expectations, but estimates “were likely stale” given publicly available daily volume data, the analyst tells investors in a research note. The firm believes the company “greatly outperformed” peers as its institutional-only business model insulates it from retail volatility.