Deutsche Bank upgrades Bullish stock to Buy after strong Q3 revenue beat
Bullish (BLSH) received a boost after Deutsche Bank upgraded its stock from Hold to Buy. The move came following stronger-than-expected third-quarter revenue. Analyst Brian Bedell also adjusted the price target, though slightly lower than before.
The stock saw mixed trading activity, rising in early sessions before falling in the afternoon.
Deutsche Bank’s Brian Bedell raised Bullish’s rating on the back of its Q3 performance. Revenue figures outperformed expectations, prompting the upgrade. Despite this, Bedell lowered the price target to $51.00 from $52.00.
The company reported Q3 GAAP earnings per share (EPS) of $0.14. This marked a decline from $0.93 in Q2 but an improvement from a loss of -$0.59 in the same period last year. Bedell noted the stock now trades at 31 times the 2027 EPS estimate, calling the risk/return balance more appealing.
Bullish also provided Q4 revenue guidance of $47.0M to $53.0M. This topped the Visible Alpha consensus forecast of $46.6M. The stock initially reacted positively, climbing 2% in pre-market trading. However, by the afternoon, shares dipped around 4% to $36.11.
Bedell’s influence in the market is well-documented. His research notes and earnings call contributions often shape investor sentiment. Previous upgrades and target adjustments by him have impacted stock movements in 2025 as well.
The upgrade reflects confidence in Bullish’s revenue growth, despite a slight reduction in the price target. The company’s Q4 outlook also suggests stronger performance ahead. Market reaction, however, remained volatile, with afternoon trading showing a decline.
