Bakkt (BKKT) might have surged 170% in simply two weeks, however one Wall Avenue agency says the rally hasn’t erased the inventory’s upside potential.
Dealer Benchmark raised its value goal on the crypto infrastructure firm to $40 from $13, whereas reiterating its purchase ranking on the inventory. The shares had been 2% increased in early commerce, round $26.
Even after the run-up, Bakkt trades at simply 9.9 instances estimated 2026 earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA), based on Benchmark analyst Mark Palmer.
That’s far under friends together with Coinbase (24.1x), Robinhood (45.5x) and Circle (49.9x). Benchmark argues the relative low cost makes the inventory look cheap given its development profile.
The rally, Palmer stated, validates the strategic reset beneath CEO Akshay Naheta, who took sole management in August. The agency has alternatives in three areas: crypto infrastructure, stablecoin funds and a newly unveiled BTC$113,179.09 treasury technique.
The corporate has bought off its custody division and is within the strategy of exiting its legacy loyalty enterprise, each of which had been pricey and non-core. With these items gone, Benchmark expects Bakkt to realize profitability within the first half of 2026.
Traders additionally took word of the appointment of fintech veteran Mike Alfred to Bakkt’s board on Sept. 22. Alfred, who based retirement transparency platform BrightScope and blockchain analytics agency Digital Belongings Knowledge, brings expertise in each monetary providers and digital infrastructure. Benchmark stated his addition ought to improve Bakkt’s decision-making because it scales.
Learn extra: Bakkt Rated Purchase With 44% Upside on Stablecoin Development Potential: Clear Avenue
