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Bakkt (BKKT) whitethorn person surged 170% successful conscionable 2 weeks, but 1 Wall Street steadfast says the rally hasn’t erased the stock’s upside potential.
Broker Benchmark raised its terms people connected the crypto infrastructure institution to $40 from $13, portion reiterating its bargain standing connected the stock. The shares were 2% higher successful aboriginal trade, astir $26.
Even aft the run-up, Bakkt trades astatine conscionable 9.9 times estimated 2026 net earlier interest, taxes, depreciation and amortization (EBITDA), according to Benchmark expert Mark Palmer.
That’s acold beneath peers including Coinbase (24.1x), Robinhood (45.5x) and Circle (49.9x). Benchmark argues the comparative discount makes the banal look inexpensive fixed its maturation profile.
The rally, Palmer said, validates the strategical reset nether CEO Akshay Naheta, who took sole enactment successful August. The steadfast has opportunities successful 3 areas: crypto infrastructure, stablecoin payments and a recently unveiled bitcoin (BTC) treasury strategy.
The institution has sold disconnected its custody part and is successful the process of exiting its bequest loyalty business, some of which were costly and non-core. With those units gone, Benchmark expects Bakkt to execute profitability successful the archetypal fractional of 2026.
Investors besides took enactment of the assignment of fintech seasoned Mike Alfred to Bakkt’s committee connected Sept. 22. Alfred, who founded status transparency level BrightScope and blockchain analytics steadfast Digital Assets Data, brings acquisition successful some fiscal services and integer infrastructure. Benchmark said his summation should heighten Bakkt’s decision-making arsenic it scales.
Read more: Bakkt Rated Buy With 44% Upside connected Stablecoin Growth Potential: Clear Street
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