The post Deutsche Bank upgraded Bullish to buy with a $51 target, seeing 40% upside appeared on BitcoinEthereumNews.com.

Deutsche Bank just flipped the switch on Bullish. After months of holding back, the bank is now telling investors to buy the crypto exchange’s stock. The call came straight after Bullish posted its third-quarter results, which showed stronger-than-expected revenue, even though profits didn’t meet estimates. This new buy rating came with a slightly lower target: $51, down from $52, but still about 40% higher than where the stock is now trading. The info came from Deutsche’s Brian Bedell, who made it clear he sees a better setup for investors after the 51% nosedive the stock has taken since August, when it opened at $90 on the New York Stock Exchange. Bedell said the drop from the yearly peak opened up an opportunity, especially with shares now trading 5% below their IPO price of $37. Brian said in an investor note that:- “We see the stock now offering a more compelling risk/return profile, trading at 31x our 2027 EPS estimate, after contracting over 50% from its peak in mid-August and with the shares now 5% below the August 12 IPO price.” Bullish gets the call despite profit miss Even though revenue beat forecasts, the earnings update still sent Bullish stock down 3.6% during Wednesday’s trading session. That didn’t stop Brian from upgrading the rating. He called the results “good overall” and said he’s looking ahead to the fourth-quarter guidance, which he described as “positive.” His note also mentioned that the stock’s recent decline wasn’t just about earnings.The broader crypto market had weakened, with Bitcoin sliding from $125,000 in early October to about $89,000 by mid-November. Still, Brian said the company is sticking to the strategy it laid out when it went public three months ago. He highlighted Bullish’s U.S. expansion and said the company is becoming a critical piece of infrastructure…

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Filed under: News - @ November 21, 2025 5:19 am