Wall Street research desks opened coverage on Bending Spoons (NASDAQ: BSP) en masse, with six major firms issuing ratings and targets in a single wave. The group’s price targets span from $35 up to $45, set against a last reported share price of about $34.06. The divergent calls center on a single pivotal question - whether the company can deploy billions of dollars in M&A capital according to proponents' timetables.
Coverage snapshot
| Firm | Rating | Price Target | Implied Upside |
|---|---|---|---|
| Goldman Sachs | Buy | $43 | +26% |
| Mizuho | Outperform | $45 | +32% |
| JPMorgan | Neutral | $35 | +3% |
| BofA Securities | Neutral | $37 | +9% |
| Jefferies | Hold | $38 | +11% |
| Evercore ISI | In Line | $36 | +6% |
These targets are calculated against the last reported BSP price of $34.06. The spread in estimates illustrates a clear split between two optimistic shops and a larger group expressing caution about valuation and execution risk.
The bullish argument
Goldman Sachs and Mizuho lead the more optimistic camp. Mizuho’s $45 target, the highest on the Street, is underpinned by specific M&A deployment projections - roughly $4.0 billion in 2026 and $4.3 billion in 2027. That thesis assumes Bending Spoons can scale its acquisition model, which to date has involved more than 50 digital subscription purchases that the company says were improved through cost reductions and revenue initiatives.
The cautious view
Other firms are circumspect. Bank of America highlighted that a share price near $34 effectively reflects an assumption of about $9.0 billion in hypothetical acquisitions through 2028, a level of execution that is not assured. JPMorgan’s $35 target sits only marginally above current trading, signaling limited upside at present. Underlying the caution is a valuation metric that requires near-perfect execution - the shares trade at a P/E multiple of 271x, indicating investors are pricing in a significant amount of future growth.
Market takeaway
Four of the six initiating analysts placed BSP in the hold or neutral categories, an uncommon outcome for a simultaneous IPO coverage round which often skews more bullish. Those neutral calls reflect concern over the valuation embedded in today’s share price rather than a rejection of the operating model itself. By contrast, the two bullish firms are effectively betting that management can deliver on a large, rapid M&A rollout.
Street consensus currently centers around an average target near $39, equating to roughly 14% upside from the recent price. The next material catalyst identified by the analysts will be whether Bending Spoons achieves the approximate $4.0 billion M&A deployment for 2026 that Mizuho projects.
Summary
The initiation wave on BSP exposes a clear divide: optimism rests on aggressive M&A execution and a repeatable playbook of acquiring and optimizing subscription businesses; caution stems from high valuation multiples and the operational challenge of deploying multibillion-dollar acquisition capital within the projected time frame.