Bakkt (BKKT) may have skyrocketed 170% in simply two weeks, however one Wall Road firm mentioned the rally has not erased the potential for a inventory rise.
Dealer Benchmark has raised the Crypto Infrastructure Firm’s value goal from $13 to $40, whereas repeatedly score inventory purchases. The inventory was 2% larger in early commerce, at round $26.
After the runup, benchmark analyst Mark Palmer trades at simply 9.9 instances the 2026 revenue (EBITDA) earlier than curiosity, tax, depreciation and amortization.
That is far under the friends, corresponding to Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x). The benchmark claims that the relative reductions make stock appear cheap given its progress profile.
The rally examines a strategic reset below CEO Akshay Naheta, who confirmed his sole management in August, Palmer mentioned. The corporate has alternatives in three newly introduced areas: crypto infrastructure, stubcoin funds, and three newly introduced areas. BTC$113,179.09 Monetary technique.
The corporate was within the means of promoting its custody division and withdrawing its legacy royalty enterprise, each of which had been expensive and non-core. With these items gone, benchmark hopes Bakkt will obtain profitability within the first half of 2026.
Buyers additionally famous that FinTech veteran Mike Alfred was appointed to Bakkt’s board of administrators on September 22. Alfred based digital asset knowledge for his retired transparency platform Brightscope and Blockchain Analytics firm, bringing expertise in each monetary providers and digital infrastructure. The benchmark mentioned his addition ought to improve Bakkt’s decision-making.
learn extra: Bakkt purchased a 44% enhance on Stablecoin progress potential: Clear Road
