Bakkt downgraded to Sell from Neutral at Citi

Citi downgraded Bakkt to Sell from Neutral with a price target of $0.50, down from $3.25. While the firm continues to view the platform as a concept with a formidable "network building" mountain to climb, the company’s prospects appear to be deteriorating. Citi finds it too challenging to justify investment merits for the stock currently, until evidence of improving market conditions, ample liquidity, and scaling milestones become tangible.