Canaccord maintains a 'Buy' rating on Bullish Inc. (BLSH) but reduces its price target to $18.50 from $24.00, signaling a more cautious outlook despite continued confidence in the company's long-term trajectory.
- Canaccord lowers price target on Bullish Inc. (BLSH) to $18.50 from $24.00
- Firm maintains 'Buy' rating, indicating continued long-term confidence
- Revised outlook driven by macroeconomic pressures and slower international user growth
- Analysts cite rising operational costs and regulatory uncertainty as key challenges
- Q4 2025 earnings report expected in mid-January to provide further insight
- Bullish’s institutional infrastructure and custody solutions remain strong differentiators
Canaccord has revised its price target for Bullish Inc. (BLSH) to $18.50, down from $24.00, while retaining its 'Buy' recommendation. The adjustment reflects a reassessment of near-term growth expectations and execution challenges in a competitive digital asset trading environment. The firm noted that while Bullish's platform engagement metrics remain strong, macroeconomic headwinds and regulatory uncertainty are affecting investor sentiment and trading volume trends in late 2025. The updated price target implies a potential 11% downside from BLSH's current trading level, based on recent market data. Analysts cited elevated operational costs and slower-than-expected user acquisition in non-U.S. markets as key factors influencing the downward revision. Still, Canaccord emphasized Bullish's core strengths, including its institutional-grade infrastructure, secure custody solutions, and strategic partnerships with major crypto asset issuers. The move comes amid broader market caution toward digital asset infrastructure providers, with several peer stocks experiencing volatility in December 2025. Investors are closely watching BLSH’s Q4 2025 earnings report, scheduled for mid-January, for further clarity on revenue growth, margin stability, and capital allocation plans. Despite the price target cut, Canaccord’s continued 'Buy' stance suggests confidence in Bullish’s long-term scalability. The firm believes the company is well-positioned to leverage institutional demand for compliant crypto services, particularly as regulatory frameworks mature in key jurisdictions.