JPMorgan maintains ‘Neutral’ rating on Bullish, lowers 2026 price target to $45
JPMorgan kept a 'Neutral' rating on Bullish but lowered its 2026 price target to $45 after adjusting estimates to exclude investment income from IPO proceeds.Summary
JPMorgan analysts reaffirmed a "Neutral" rating on the Bullish crypto exchange despite Q3 results that surpassed revenue and EBITDA expectations. However, they slightly reduced the December 2026 price target from $46 to $45 and cut 2025 and 2026 earnings estimates to exclude investment income derived from the company's $1.2 billion in IPO proceeds held in stablecoins.
The Q3 performance was deemed "solid," driven by $50 million in subscription services and other (SS&O) revenue, which included approximately $6.2 million from stablecoin promotion payments on the IPO cash. JPMorgan analysts decided to strip out this high-margin, one-time income from their core earnings model and valuation, leading to the lowered estimates.
Despite the estimate reductions, JPMorgan noted strong Q4 trends, anticipating a more constructive trading environment for Bullish due to increased volatility driving trading volumes and the earlier-than-expected launch of options trading.
(Source：The Block)