Benchmark cuts Bakkt target price by nearly 50%, maintains "Buy" rating
According to Odaily, analysts on Wednesday reiterated a "Buy" rating for Bakkt Holdings, but lowered the target price from $40 to $22, a decrease of about 50%. Bakkt's stock price fell about 5% in early trading on Wednesday, quoted at $9.15. Benchmark stated that this adjustment is based on the expectation that Bakkt's adjusted EBITDA will be $59.5 million. The research report was released the day after Bakkt's first Investor Day.
It is reported that Bakkt is undergoing a strategic transformation, repositioning itself as a "B2B2C" one-stop crypto service operator targeting traditional institutions. Last year, the company sold its loyalty points business and began acquiring money transmitter licenses in all 50 U.S. states to support crypto trading, transfers, and settlements. (The Block)
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