Despite Bakkt (BKKT) experiencing a massive 170% surge over two weeks, Wall Street analysts maintain the stock still has significant growth potential.
Investment firm Benchmark increased its price target for the cryptocurrency infrastructure company from $13 to $40 while reaffirming its buy recommendation. Bakkt shares gained 2% in early trading, reaching approximately $26.
According to Benchmark analyst Mark Palmer, even after this substantial rally, Bakkt trades at just 9.9 times projected 2026 EBITDA.
This valuation remains substantially lower than competitors including Coinbase (24.1x), Robinhood (45.5x), and Circle (49.9x). Benchmark contends this relative discount positions Bakkt as an attractive investment considering its growth trajectory.
Palmer stated the price surge validates CEO Akshay Naheta's strategic overhaul since assuming sole leadership in August. The company demonstrates promising opportunities across three key segments: cryptocurrency infrastructure, stablecoin payment solutions, and a newly announced Bitcoin (BTC) treasury strategy.
Bakkt has divested its custody division and is exiting its legacy loyalty business, both previously costly non-core operations. With these restructuring measures, Benchmark anticipates Bakkt will achieve profitability during the first half of 2026.
Investors additionally welcomed the September 22nd appointment of fintech veteran Mike Alfred to Bakkt's board. Alfred, founder of retirement transparency platform BrightScope and blockchain analytics firm Digital Assets Data, brings extensive expertise in financial services and digital infrastructure. Benchmark believes his inclusion will strengthen Bakkt's strategic decision-making during expansion.