Bullish (BLSH) PT Lowered to $45 at Canaccord

Canaccord analyst Joseph Vafi lowered the price target on Bullish (NYSE: BLSH) to $45.00 (from $50.00) while maintaining a Buy rating.

The analyst commented: 'Bullish reported solid Q2 results despite softer digital asset trading activity, with adj. revenue of $92.6mm, up 62% y/y, and adj. EBITDA of $29.5mm, up 264% y/y, representing a 32% EBITDA margin. Adj. transaction revenue was $29.9mm, while subscription, services & other (SS&O) revenue reached a record $62.7mm. Lastly, adj. net income came in at $14.3mm, improving from a loss of($6.0mm) in the prior-year period. In general, we like what we’re seeing from Bullish as management continues to execute through a challenging crypto market backdrop while growing higher-quality recurring revenue streams. On the strategic initiatives front, the proposed Equiniti acquisition remains on track for an expected close in early 2027 and further strengthens Bullish’s positioning around securities tokenization. During the quarter, the company also received approval from the Gibraltar Financial Services Commission for tokenized securities trading and benefited from growing adoption of CoinDesk Indices, including new Morgan Stanley BTC, ETH, and SOL ETPs that attracted more than $400mm of inflows in Q2. Looking ahead, management refined its 2026 outlook following strong first-half performance and expects continued momentum in SS&O revenue as cross-selling opportunities across CoinDesk, Consensus, data, indices, liquidity services, and the exchange platform continue to expand."

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