Bakkt price target lowered to 30c from 50c at Citi

Citi lowered the firm’s price target on Bakkt to 30c from 50c and keeps a Sell rating on the shares post the Q4 report. While there are a few positives, including staving off the “going concern” for 12 months, a new CEO, and new partnerships, Bakkt’s “constrained” cash position, lack of pathway to profitability, and significant dislocation versus the recent crypto rally continue to warrant a Sell rating, the analyst tells investors in a research note.