Wall Street banking and research firm Compass Point has initiated coverage of crypto platform Bullish (BLSH), the parent company of CoinDesk, with a neutral rating and a $45 price target.

Despite a belief that Bullish’s lower fee structure could help it chip away at Coinbase’s (COIN) U.S. market share in the future, the analyst Ed Engel cited concerns about the timing as well as the stock’s valuation.

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