Benchmark gives Bakkt a "buy" rating, targeting stock price of $13

Odaily Planet Daily News Wall Street broker Benchmark said in a report launching a rating on Bakkt stock on Monday that Bakkt Holdings (BKKT) is trying to restart its business after years of turmoil. Benchmark launched a rating on the company, giving it a “buy” rating with a target share price of $13. The report notes that under new CEO Akshay Naheta, the company has divested its custodial business and is selling its traditional loyalty business, a move designed to streamline operations and rebuild investor confidence. The report said that the company's current strategy focuses on three major measures: one is to launch a "one-stop brokerage business" platform to allow banks and fintech companies to access cryptocurrency services; the second is to launch a multinational Bitcoin fiscal plan, which includes a plan to acquire stake in Japan's Marusho Hotta and expand to the Indian and Korean markets; and the third is to cooperate with distributed technology research companies to develop a stablecoin payment network called Bakkt Agent. Based on an assessment of Bakkt's expected earnings for 2026, Benchmark used a 5x corporate value multiple (EV/EBITDA) for valuation and finally came up with a target share price of $13. (CoinDesk)