Analysts at investment bank Compass Point have initiated coverage of Bullish, a crypto exchange that recently debuted on the New York Stock Exchange. Despite its stock soaring to over triple its initial offering price of $37, they believe it is now overpriced, recommending a neutral rating with a price target of $45, about 16% lower than its current trading price. Concerns include regulatory challenges such as the pending CLARITY Act and New York's restrictive BitLicense, which may hinder Bullish's entry into the U.S. market. The analysts expressed skepticism regarding Bullish's capacity to penetrate U.S. markets without clearer legislation, noting the stock trades at 110 times its core operating profit. However, if Bullish secures a U.S. license, it could emerge as robust competition for Coinbase, especially given its low fees. Analysts propose that a better opportunity to buy may arise in 1-2 quarters as the firm aims to target institutional investors, currently focusing on Europe and Hong Kong.

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