Analysts reiterated their "buy" rating on Bakkt Holdings on Wednesday, but lowered their price target from $40 to $22, a drop of about 50%. Bakkt shares fell about 5% in early trading on Wednesday, to $9.15. Benchmark said the adjustment was based on its forecast of $59.5 million in adjusted EBITDA for Bakkt. The research report was released the day after Bakkt's initial investor day. Bakkt is reportedly undergoing a strategic transformation, repositioning itself as a one-stop "B2B2C" crypto service operator for traditional institutions. The company sold its rewards business last year and began acquiring money transfer licenses in all 50 U.S. states to support crypto transactions, transfers, and settlements. (The Block)