Bakkt Shares Still Look Undervalued After 170% Rally, Says Benchmark
Bakkt (BKKT) has surged 170% in just two weeks, but Wall Street analysts see further upside potential.
Benchmark raised its price target to $40 from $13 and maintained a buy rating, with shares trading near $26, up 2% in early trading.
Analyst Mark Palmer noted that even after the rally, Bakkt trades at just 9.9x projected 2026 EBITDA, far below peers such as Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x). This relative discount underscores the stock’s growth potential.
The rally validates confidence in CEO Akshay Naheta’s strategic reset, focusing on three main areas: crypto infrastructure, stablecoin payments, and a newly introduced bitcoin treasury strategy.
Bakkt has exited non-core divisions, including its custody and legacy loyalty businesses, positioning the firm for projected profitability in H1 2026.
Fintech veteran Mike Alfred, founder of BrightScope and Digital Assets Data, joined Bakkt’s board on September 22. Benchmark said Alfred’s experience in financial services and blockchain analytics will strengthen Bakkt’s strategic execution as it scales.
