Benchmark reiterates its buy rating on Bakkt, raising its price target to $40

According to Odaily Planet Daily, Benchmark analyst Mark Palmer raised his price target for crypto infrastructure company Bakkt from $13 to $40, while reiterating his buy rating. In early trading, the company's stock price rose 2% to around $26. The analyst reportedly believes Bakkt's price-to-earnings ratio is only 9.9 times its projected 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA), significantly lower than peers such as Coinbase (24.1 times), Robinhood (45.5 times), and Circle (49.9 times). (CoinDesk)