JPMorgan Maintains Neutral Rating on Bullish, Lowers Target Price
- JPMorgan Chase has set a target price of $45 for Bullish shares by December 2026.
- Bullish reported revenues of $77 million, exceeding JPMorgan’s forecast of $74 million.
- Adjusted earnings per share (EPS) for Bullish were $0.10, matching Bloomberg’s consensus.
- The Subscription Services & Other (SS&O) segment generated $50 million in revenue, up from $12 million last year.
- JPMorgan revised its adjusted EPS forecast for Bullish from $0.44 to $0.31 for FY2025 and from $1.29 to $0.93 for FY2026.
Despite the strong quarterly performance, including significant growth in the SS&O segment, JPMorgan’s adjustments reflect a cautious outlook based on valuation changes and market conditions.
Bullish’s impressive revenue growth highlights its potential in the cryptocurrency space, particularly with a notable increase in SS&O revenue this quarter compared to last year’s figures.
