Bakkt (BKKT) may have surged 170% in just two weeks, but one Wall Street firm says the rally hasn’t erased the stock’s upside potential.

Broker Benchmark raised its price target on the crypto infrastructure company to $40 from $13, while reiterating its buy rating on the stock. The shares were 2% higher in early trade, around $26.

Even after the run-up, Bakkt trades at just 9.9 times estimated 2026 earnings before interest, taxes, depreciation and amortization (EBITDA), according to Benchmark analyst Mark Palmer.

That’s far below peers including Coinbase (24.1x), Robinhood (45.5x) and Circle (49.9x). Benchmark argues the relative discount makes the stock look inexpensive given its growth profile.

The rally, Palmer said, validates the strategic reset under CEO Akshay Naheta, who took so

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