JPMorgan Lowers Bullish's Price Target Following Removal of IPO One-Time Gains

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JPMorgan Lowers Bullish's Price Target Following Removal of IPO One-Time Gains

Bitget-RWA2025/11/21 02:14

By:Bitget-RWA

- JPMorgan maintains "Neutral" rating for Bullish but lowers 2026 price target to $45, excluding $6.2M stablecoin promotion income from IPO proceeds. - Bullish's Q3 results exceeded estimates with $77M revenue and $29M adjusted EBITDA, though JPMorgan forecasts $37M annualized stablecoin revenue by 2027. - Analysts highlight Bitcoin/Ethereum volatility and NY BitLicense approval as potential catalysts for Bullish's trading volumes and institutional growth. - JPMorgan also facilitated $7.9B financing for CD

JPMorgan & Co. has kept its "Neutral" stance on Bullish (BLSH), a digital asset exchange, but

lowered its 2026 price projection to $45

from $46, after revising earnings forecasts to remove stablecoin promotion revenue linked to the company's $1.2 billion IPO funds. The bank pointed to robust fourth-quarter performance as a possible driver for better trading conditions, even as overall markets remain turbulent.

Bullish posted adjusted diluted earnings per share of $0.10 for Q3

, surpassing Bloomberg's consensus, and reported $77 million in revenue and $29 million in adjusted EBITDA, both above expectations.

The updated price target suggests a 23.3% potential gain from Bullish's last closing price of $36.50, according to

JPMorgan

analysts. The firm reduced its 2025 and 2026 profit projections to exclude high-margin stablecoin promotion revenue derived from IPO proceeds, which added

about $6.2 million to Q3's subscription services and other (SS&O) revenue

. Without this one-off item, adjusted EBITDA would have been nearer to $22.4 million, analysts said. JPMorgan now

anticipates $12 million in stablecoin promotion revenue for Q4

, which would annualize to $37 million by 2027, but these numbers are not included in its main valuation model.

The bank's evaluation of Bullish comes as broader market forces impact both crypto and traditional stocks. For example, JPMorgan analysts noted that

reducing tariffs on agricultural imports could benefit food producers

such as Hershey, which has faced higher cocoa costs due to tariffs. The bank estimated that tariff cuts could

increase Hershey's 2026 earnings per share by more than $1

, potentially leading to greater investment in U.S. production. Likewise,

JPMorgan analysts expect strong growth for Dell Technologies

, fueled by demand for AI servers, with revenue estimates rising for the October and January periods despite pressure on margins.

JPMorgan Lowers Bullish's Price Target Following Removal of IPO One-Time Gains image 0

In another development, JPMorgan

took part in a $7.9 billion cross-border debt deal

for Clayton Dubilier & Rice's (CD&R) purchase of Sealed Air, the packaging firm famous for Bubble Wrap. The transaction, supported by banks like BNP Paribas and UBS Group, highlights JPMorgan's involvement in major leveraged buyouts. CD&R will pay $42.15 per share for Sealed Air,

giving the company a $10.3 billion valuation

JPMorgan's analysts also highlighted the strength of Bullish's main business, observing that

increased volatility in digital assets like Bitcoin and Ethereum

could boost trading activity. The bank cited the October rollout of options trading and continued onboarding of U.S. institutions after securing a New York BitLicense as positives for Bullish's prospects

While JPMorgan remains cautious on Bullish, its broader market commentary underscores the firm's active role in analyzing both digital assets and traditional equities. The company's ability to shift focus between sectors—from AI-focused tech companies to food manufacturers and packaging leaders—demonstrates its all-encompassing approach to capital deployment in a rapidly changing economic landscape.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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