Investment banks JP Morgan and Goldman Sachs have started coverage of Coinbase Global stock. JPMorgan gives Coinbase an overweight rating with a 60% upside potential while Goldman Sachs begins with a buy rating.
JPMorgan, Goldman Sachs Now Covering Coinbase Stocks
Some major investment banks began coverage of Coinbase Global Stock (NASDAQ: COIN) this week. COIN costs $ 233.99 at the time of writing.
Analyst Kenneth Worthington explained that JP Morgan on Tuesday began coverage of Coinbase with overweight, primarily due to the company’s dominant position in the growing cryptocurrency space. The firm has set a target price of $ 371 for Coinbase, which is 59% above current levels. Analyst Detailed:
We see the cryptomarket being sustainable and growing, and expect Coinbase to have the opportunity to influence and benefit from the growth of this market as it innovates.
Another investment bank, Goldman Sachs, began coverage on Monday with a buy rating of Coinbase Global stock. The company has set a price target of Coinbase at $ 306, up 31% from current levels.
Goldman Sachs analyst Will Nance explained that Coinbase Global “leverages an ecosystem that has seen strong growth by adopting digital currencies.” In addition, COIN has “an attractive business model that thrives on high cryptocurrency volatility,” with “significant opportunities to add additional features and capabilities”. The analyst added:
We believe that COIN represents a blue-chip way through which investment can be made in ecosystem development.
Bitcoin news Reported On Monday, Goldman Sachs is now considering bitcoin as an investible asset and a new asset class. The Goldman analyst wrote, “Customers and beyond are largely considering it as a new asset class, which is remarkable – it is not often that we see the emergence of a new asset class.”
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