Freedom Broker initiates Bullish stock with Hold rating on Equiniti deal valuation

Freedom Broker has initiated coverage on Bullish (NYSE:BLSH) with a Hold rating and a price target of $25.00, valuing the stock at approximately 19 times estimated EBITDA. The stock's current price of $22.96 is down 22% over the past week, but it is trading in oversold territory according to RSI data. Analysts note that Bullish is expected to close its acquisition of Equiniti for $4.2 billion in January 2027, with the stock trading at a roughly one times premium to its peer comparison set.

Bullish reported strong financial results for the second quarter, with adjusted revenue increasing 62% year-over-year and adjusted EBITDA rising 264%. However, some analysts, like Keefe, Bruyette & Woods, have lowered their price targets citing concerns over the pending Equiniti transaction.

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