Benchmark Reiterates Buy Rating on Bakkt, Raises Target Price to $40

Odaily Planet Daily News – Benchmark analyst Mark Palmer has raised the target price for crypto infrastructure company Bakkt from $13 to $40, while reiterating his buy rating. In early trading, the company's stock price rose 2% to around $26. Reportedly, the analyst believes Bakkt's price-to-earnings ratio is only 9.9 times its projected 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA), significantly lower than peers such as Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x). (CoinDesk)