Wall Street Bank Citi (C) has raised its price target at bullish (BLSH)The owner of Coindesk, to $ 70 from $ 66 after Crypto Exchange’s results in the second quarter came a little ahead of expectations.
The long-expected Nydf’s Bitlicense approval removes an important regulatory overhang, strengthening the investor’s confidence in FY 2026, Citi said.
But the biggest surprise was, according to the bank Bullish’s accelerating subscription, services and other (SS&O) Growth pipeline, a bend that it partially attributes to speed from the company’s recent stock exchange listing.
Citi repeated his purchase rating with reference to the company’s “very attractive operating development.”
Meets high expectations
Broker Canaccord said Bullish had made a strong debut as a public company that met high expectations in the first reported quarter after IPO.
In just a month since it is public, the exchange has made meaningful progress, including securing the coveted Bitlicense of the New York Department of Financial Services (Nydfs)Solid quarter-to-date prize trends show trends in the 3rd quarter and continue to scale its subscription business, the report says.
The broker noted that Bullish is also on its way to launching Options Trade in the 4th quarter and has already raised its Q3 guidance on Wall Street’s estimates.
Despite the early momentum, Canaccord believes the current fronts estimates remain conservative. Trade volume prerequisites do not yet praise any appreciation of the spot market and projected contributions from the US business and options that reflect cautious timelines.
Canaccord reiterated its purchase rating and unchanged $ 68 targets.
Investment Bank KBW said it saw Bitlicense and money transfer license wins as positive for “Almost term platform expansion to the United States with the inclusion of New York State.”
That said, Bullish is still facing significant challenges in building brand-recognition in new markets where established players have long delivered turn key exchange solutions, KBW said.
The bank maintained its market performance on Bullish shares and $ 55 price targets.
Bullish shares rose over 8%and traded about $ 58.18 upon publication time.
Read more: Wall Street sees us entry as catalyst for Bullish’s next leg up
