Clear Street Upgrades Bullish (BLSH) to Buy

Clear Street analyst Owen Lau upgraded Bullish (NYSE: BLSH) from Hold to Buy with a price target of $57.00 (from $60.00).

The analyst comments "We are upgrading Bullish (BLSH) from Hold to Buy but lowering our PT from $60 to $57. Our upgrade is predicated upon: 1) BLSH has taken market shares in spot trading globally; 2) expansion in options, U.S. market and liquidity services; 3) attractive valuation; 4) strong blockchain fundamentals based on our recent due diligence; and 5) re-opening of government. We believe all these can help BLSH drive 1) earnings growth: 2) improved sentiment; 3) regulatory clarity; and 4) multiple expansion. The stock has declined by 21% since Oct 20 (our initiation). While weaker sentiment justifies some de-rating, we think the sell-off is overdone. We believe the recent drawdown in many blockchain stocks including BLSH is related to concerns about macro and AI, but the company and industry fundamentals remain strong, given our market share analysis and due diligence in recent conferences (Money20/20, Ripple Swell and Chainlink SmartCon). In fact, we modestly raised our estimates because of improved revenue prospect. We lowered our PT mainly due to lower stock multiples driven by weaker sentiment. However, we believe it presents an attractive setup for the shares going into 2026."

For an analyst ratings summary and ratings history on Bullish click here. For more ratings news on Bullish click here.

Shares of Bullish closed at $46.59 yesterday.

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