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Coinbase Gets Hold-Equivalent Rating From Barclays on Crypto Regulatory Risk
The headwinds are set to continue for the exchange, says the investment bank.
Taking note of regulatory risk and exposure to retail trading revenue, Barclays (BCS) analyst Benjamin Budish initiated coverage of crypto exchange Coinbase (COIN) with an equalweight rating and $80 price target.
Challenges will linger for Coinbase despite some positive catalysts such as the Ethereum Merge and industry consolidation, said Budish on Tuesday in a note to clients.
STORY CONTINUES BELOW
Read more: The Ethereum Merge Has an Official Kick-Off Date
Budish's $80 price target nevertheless suggests nearly 20% upside from today's closing price of $67.03.
Alongside the new Coinbase coverage, Barclays started online brokerage Roinbhood (HOOD) with an underweight rating and $10 price target, citing negative customer impacts from inflation and/or a potential economic recession.
Read more: Coinbase Will Be ‘Meaningful’ Beneficiary of Ethereum Merge, JPMorgan Says
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
