Rosenblatt downgraded Bullish (BLSH) to Neutral from Buy with an unchanged price target of $39. The firm cites valuation for the downgrade with the shares reaching the price target After outperforming peers in 2026, the stock now trades at 28-times consensus adjusted EBITDA estimates, a material premium to all of Bullish’s peers, including “heavyweights” Coinbase (COIN) and Robinhood (HOOD), the analyst tells investors in a research note. In addition, Rosenblatt believes the company’s estimates are “increasingly at risk” with crypto activity “collapsing” and less benefit from initial public offering proceeds in its non-trading revenues.
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