Coinbase Global Inc (COIN)

[JohnCM]

Coinbase gets new Buy rating at Canaccord on cryptocurrency growth

Jun. 16, 2021 8:13 AM ET
Coinbase Global, Inc. (COIN)
By: Liz Kiesche, SA News

Canaccord initiates coverage of Coinbase Global (NASDAQ:COIN) with a Buy rating due to its long-term prospects in cryptocurrencies and the emergence of blockchain clouds/decentralized finance.

The firm is also "positive about COIN's ability to grow its user base at impressive rates and what this means for monetization beyond crypto."

Sets price target at $285; implies upside potential of ~23% from Tuesday's close.

Canaccord's Buy rating compares with the average Wall Street rating of Bullish (6 Very Bullish, 3 Bullish, 4 Neutral, 1 Bearish).

Last week, Raymond James gave COIN an Underperform rating, partly because it lacks a moat.

SA contributor Wealth Insights, though, sees such competitive concerns as overrated.