Wall Street Analysts Split on Bullish After IPO Debut
Crypto exchange Bullish (BLSH), the parent of CoinDesk, has received its first wave of Wall Street coverage, with analysts divided on the stock’s outlook following its IPO.
Rosenblatt Securities issued a buy rating with a $60 price target, citing improving U.S. regulatory conditions, institutional adoption, and potential recurring revenue from stablecoins as key growth drivers.
Canaccord Genuity was even more bullish, assigning a buy and $68 target, pointing to Bullish’s strong institutional presence, acquisitions of CoinDesk and CCData, and the likely approval of a New York BitLicense to unlock U.S. market access.
Bernstein took a more cautious stance with a market perform and $60 target, noting Bullish’s opportunity to capture around 8% of U.S. spot institutional volumes by 2027, though execution on its U.S. expansion remains critical.
JPMorgan initiated with a neutral and $50 target, saying the firm is well positioned in Europe and Asia but warning that valuation limits near-term upside despite longer-term opportunities in liquidity services.
At publication time, Bullish shares were trading 3.6% lower at $50.53.
