Webull's Q4 Earnings Meet Expectations with 60.9% YoY Revenue Growth, Rosenblatt Maintains Buy Rating with $12 Target

Rosenblatt maintains a buy rating and $12 target for Webull, with a 115% upside from its current price. Webull generated $163.8 million in Q4 revenue, a 60.9% YoY increase, driven by trading growth in equities, options, futures, cryptocurrencies, and prediction markets. Net deposits grew by $3.9 billion, pushing total customer assets to $24.6 billion. However, marketing and branding expenses rose 81% QoQ, and lower options trading volumes and interest-related income missed estimates. Rosenblatt lowered its 2027 estimated adjusted EBITDA multiple from 25x to 20x.