Rosenblatt maintained a buy rating and a $12.00 price target for Webull (NASDAQ: BULL) in its latest equity research report, a target that represents a 115% upside from WeBull’s $5.62 price at the time of publication.
The exchange generated $163.8 million in total revenue during Q4 2025, marking a 60.9% year-over-year increase.
Webull’s trading growth across equities, options, futures, cryptocurrencies, and prediction markets added to Rosenblatt’s valuation target. New products like prediction markets and cryptocurrencies recorded 104% quarter-over-quarter daily average trade growth. Webull’s net deposits grew by $3.9 billion over the quarter, pushing total customer assets to $24.6 billion.
Specific segments and expenses weighed on Rosenblatt’s final valuation target. An 81% quarter-over-quarter spike in marketing and branding spend totaled $53.3 million. This expense pressured profitability and drove operating profit below expectations.
Lower options trading volumes created a headwind for the platform as well. Options contract volumes hit 154 million in Q4 compared to a 159 million forecast. Interest-related income missed estimates following a normalization in stock lending revenues from the prior quarter.
Given current market conditions, Rosenblatt lowered its 2027 estimated adjusted EBITDA multiple from 25x to 20x for Webull.
