Bakkt Holdings (BKKT) Try to restart after a few turbulent years, said Wall Street Benchmark broker in a Monday report initiating stock coverage.
Benchmark began coverage of the company with a purchase note and a price target of $ 13.
The shares climbed 1.3%, merchant about $ 8.63 at the time of publication.
Under the new CEO Akshay Naheta, the firm has lost its guard arm and sells its inherited loyalty activities, moves to rationalize operations and reset the confidence of investors, noted the report.
The company’s strategy is now based on three initiatives: a “brokerage in the box” platform which allows banks and fintechs to connect cryptographic services; A multinational Bitcoin treasury program anchored by a planned participation in Marusho Hotta in Japan and expansion in India and South Korea; and a network of stablecoin payments called Bakkt Agent, developed with research on distributed technologies (DTR)Analyst Mark Palmer wrote.
A key advantage, noted Palmer, is Bakkt’s regulatory imprint. He has a license of license and money issuer in the 50 states, which gives him a ditch of conformity in a crowded field.
Benchmark Values Bakkt at 5x EV / EBITDA on the benefits planned in 2026, landing on its $ 13 target.
Find out more: Bakkt names Akshay Naheta as a co-PDG in the middle of stablecoin push payments
