Deutsche Bank upgraded Bullish to buy with a $51 target, seeing 40% upside

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Deutsche Bank just flipped the switch on Bullish. After months of holding back, the bank is now telling investors to buy the crypto exchange’s stock.

The call came straight after Bullish posted its third-quarter results, which showed stronger-than-expected revenue, even though profits didn’t meet estimates.

This new buy rating came with a slightly lower target: $51, down from $52, but still about 40% higher than where the stock is now trading.

The info came from Deutsche’s Brian Bedell, who made it clear he sees a better setup for investors after the 51% nosedive the stock has taken since August, when it opened at $90 on the New York Stock Exchange.

Bedell said the drop from the yearly peak opened up an opportunity, especially with shares now trading 5% below their IPO price of $37. Brian said in an investor note that:-

“We see the stock now offering a more compelling risk/return profile, trading at 31x our 2027 EPS estimate, after contracting over 50% from its peak in mid-August and with the shares now 5% below the August 12 IPO price.”

Bullish gets the call despite profit miss

Even though revenue beat forecasts, the earnings update still sent Bullish stock down 3.6% during Wednesday’s trading session. That didn’t stop Brian from upgrading the rating. He called the results “good overall” and said he’s looking ahead to the fourth-quarter guidance, which he described as “positive.”

His note also mentioned that the stock’s recent decline wasn’t just about earnings.The broader crypto market had weakened, with Bitcoin sliding from $125,000 in early October to about $89,000 by mid-November.

Still, Brian said the company is sticking to the strategy it laid out when it went public three months ago.

He highlighted Bullish’s U.S. expansion and said the company is becoming a critical piece of infrastructure for big-name financial firms trying to break into crypto.

“We see quite encouraging business momentum across both trading and fee-based (SS & O) revenue streams, amid Bullish’s U.S. expansion and strong position in helping traditional finance firms integrate crypto into their platforms, as well as leading destination for low-cost and liquid trading,” he wrote.

Brian also pointed out cost discipline and strong incremental margins on the new business lines.

Bullish, backed by Peter Thiel, was founded in 2020 and is headquartered in the Cayman Islands.It went public in August 2025 through an IPO targeted at institutional crypto investors.

The company has focused heavily on bringing new trading products to market. CEO Tom Farley said, “Bullish had a highly successful third quarter. We launched our crypto options trading and U.S. spot trading businesses, signed notable institutional clients, gained indices traction, and expanded our liquidity services partners meaningfully.”

Crypto options and U.S. spot trading boost business

Tom’s team hasn’t been sitting still.During the third quarter, Bullish launched U.S. spot trading, and rolled out a new crypto options business with 14 trading partners.

CFO David Bonanno said that options trading has already crossed $1 billion in volume. “After posting record SS&O revenue and record profitability in the third quarter, we are continuing to see strong momentum in the fourth quarter. Bullish continues to win,” David said.

The company expects to bring in between $47 million and $53 million in subscription, services, and other revenue during Q4.On the expense side, adjusted operating costs are projected between $48 million and $50 million.

So far, the Street seems divided. The stock’s slump suggests investors are still waiting for signs of follow-through, but Deutsche’s upgrade hints that Wall Street is beginning to re-evaluate the potential. Whether that 40% upside plays out is another matter entirely.

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