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Coinbase Initiated ‘Buy,’ Assigned $420 Price Target by Needham
Needham projects a 467% increase in 2021 revenue for Coinbase.
John Todaro, vice president of crypto asset and blockchain research at Needham & Co., initiated coverage of Nasdaq-listed Coinbase (COIN) with a “Buy" rating, setting a $420 price target.
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- Coinbase is a market-leading crypto exchange with “significant future opportunities beyond exchange service, which include staking, custody, yield bearing products, and more,” Todaro wrote in a note.
- The research firm projects a 467% increase in 2021 revenue and a 9% increase in 2022.
- “We view COIN as the leading, fiat-crypto on-ramp, and expect the company's exchange business to grow rapidly and sustainably as new investors adopt its crypto assets and services,” Todaro wrote. “COIN ranks as the largest crypto exchange by trading volume.”
- Coinbase's opportunities in staking, custody and interest-bearing accounts will accelerate its position as a one-stop shop for crypto financial services, according to the analyst.
- Investor concerns over fees are misplaced, according to the note. The non-commoditized nature of crypto exchanges differentiates them from traditional brokerage firms, where fee compression has occurred in recent years.
- Coinbase’s shares started trading on the Nasdaq in a direct listing in April.
- The stock closed at $257.32 on Monday.
Read more: Coinbase Rated ‘Overweight’ in Initial Coverage by Piper Sandler: Report
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
