2024-01-26 20:37:00
Analyst Evan Lau of Oppenheimer upgraded his recommendation for the stock from “Perform” to “Outperform” with a target price of $160 – 28% upside. “Coinbase is still standing on its feet and fighting for the industry it’s in,” Law writes. “We believe that the company is stronger than people think, and that the management is tougher than most investors estimate.”
Very few analysts are still in favor of Coinbase after the sharp gains in 2023 and the fact that the stock is so aligned with the volatile Bitcoin. Coinbase is the second largest crypto exchange with an average daily trading turnover of 2.8 billion dollars, while it is quite far from the first place where Binance stands with a daily turnover of 17.5 billion dollars. But Coinbase is the largest public company in the crypto space.
Despite the recent declines, Coinbase is better positioned than almost any other company in the field – it already has relationships and agreements with large companies, and it can be said that it provides the most supervised trading that exists in crypto today, but all this does not matter if the world does not embrace Bitcoin or digital currencies others.
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