Deutsche Bank upgrades Bullish to "Buy", cuts PT

Bullish

20/11/2025 12:58

** Deutsche Bank upgrades crypto exchange Bullish  to "buy" from "hold"; cuts PT to $51 from $52, an upside of 40.2% to stock's last close

** Brokerage notes the stock has fallen more than 50% from its mid‑August peak and is now 5% below its Aug 12 IPO price, making its risk/reward look favorable

** Deutsche sees the selloff has created an opportunity with solid fundamentals, expanding margins, and institutional adoption trends

** Five of 12 brokerages rate the stock "buy", seven "hold"; median PT $56 — LSEG

** As of last close, stock was down ~1.7% from IPO price since debut in August

 (Reporting by Anuj T in Bengaluru)

 ((anuj.t@thomsonreuters.com))