Benchmark cuts price target for blockchain firm Bakkt by nearly 50%
Benchmark reiterated a 'buy' rating for Bakkt but slashed its price target by almost 50% to $22.Summary
Benchmark Equity Research analysts maintained their "buy" rating on Bakkt Holdings but significantly reduced their price target from $40 to $22, nearly a 50% cut, based on a prediction that the blockchain firm will achieve an adjusted EBITDA of $59.5 million. This adjustment followed Bakkt's first investor day. Bakkt is currently undergoing a strategic pivot to become a "B2B2C" turnkey operator for traditional institutions entering crypto, having recently sold its loyalty rewards business and acquired money transmitter licenses across all 50 U.S. states. Analysts view the company as a well-capitalized digital asset infrastructure platform connecting crypto, stablecoins, and traditional finance after a period of restructuring.
(Source：The Block)