JPMorgan Chase has maintained a neutral rating on cryptocurrency exchange Bullish (BLSH) but has adjusted its 2026 price target from $46 to $45. This revision follows Bullish's better-than-expected Q3 results, with the new target reflecting a 23.3% potential upside from the current closing price of $36.5. The adjustment excludes stablecoin interest income from Bullish's IPO. Analysts at JPMorgan anticipate that increased market volatility in the fourth quarter will enhance the trading environment. They remain optimistic about Bullish's early launch of options products and its growing base of institutional clients, which could drive future growth.