Bakkt (BKKT) News: Price Target Hiked to $40 at Benchmark

Bakkt (BKKT) has seen a significant surge of 170% in its stock price, prompting Benchmark to raise its price target from $13 to $40 while maintaining a buy rating. Despite this rally, Bakkt's valuation remains below that of peers like Coinbase and Robinhood. According to Benchmark analyst Mark Palmer, the company still trades at just 9.9 times the estimated 2026 earnings before interest, taxes, depreciation, and amortization, compared to Coinbase's 24.1x and Robinhood's 45.5x. Palmer attributes the stock’s upside potential to a strategic reset under CEO Akshay Naheta and opportunities in crypto infrastructure, stablecoin payments, and a new bitcoin treasury strategy. The recent appointment of fintech veteran Mike Alfred to Bakkt's board is expected to enhance decision-making as the company aims for profitability by the first half of 2026 after divesting non-core business units like custody.

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