Baked Holdings (Bkkt) Trying to restart after a turbulent couple of years, Wall Street broker Benchmark said in a Monday report that initiated coverage of the stock.
Benchmark started the coverage of the company with a purchase rating and a price target of $ 13.
The shares rose 1.3%and traded about $ 8.63 upon publication time.
Under the new CEO Akshay Naheta, the company has thrown its custody and sells its inheritance loyalty business, movements intended to streamline operations and reset the investor’s confidence, noted the report.
The company’s strategy now hangs on three initiatives: a “broker-in-a-box” platform that lets banks and fintechs connect crypto services; A multinational Bitcoin Ministry of Finance, which is rooted by a planned share in Japan’s Marusho Hotta and expansion to India and South Korea; and a stableecoin -payment network called hilly agent, developed with distributed technologies research (DTR)wrote analyst Mark Palmer.
An important advantage, noticed palm trees, is Bakt’s legislative footprint. It has a bitlicense and money transmitter licenses across all 50 states, giving it a compliance voll tomb in a crowded field.
Benchmark -Values Baked at 5x EV/EBITDA on projected 2026 earnings, which lands on its $ 13 target.
Read more: Baked names Akshay Naheta as Co-Ceo in the middle of StableCOin payments push
