Deutsche Bank upgrades Bullish to 'Buy' after strong Q3 revenue surprises
Bullish (BLSH) received an upgraded rating from Deutsche Bank on Wednesday, shifting from 'Hold' to 'Buy'. The move came after the company reported stronger-than-expected revenue in the third quarter. Despite the positive update, the stock saw mixed trading activity, reflecting ongoing volatility since its August debut on the stock market.
Deutsche Bank adjusted its price target for Bullish to $51.00, slightly lower than the previous $52.00. Analyst Brian Bedell cited an improved risk/return balance, noting the stock now trades at 31 times the bank’s 2027 earnings estimate. The upgrade followed Bullish’s Q3 results, which included GAAP earnings per share of $0.14—a drop from $0.93 in Q2 but a significant recovery from a loss of $0.59 in the same period last year.
The upgrade reflects confidence in Bullish’s revenue growth and long-term potential. Yet, the stock’s recent decline highlights lingering market uncertainty. With shares trading well below their IPO level, investors will be watching whether the company’s guidance and analyst support can stabilise its trajectory on the US stock market.
