Citi Targets $415 for “Crypto’s General Store” Coinbase
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Analysts at the U.S. investment bank described Coinbase as “crypto’s general store.”
Citi Recommends Coinbase Stock
Citi sees upside in Coinbase stock.
Analysts at the U.S. bank issued a $415 price target for COIN in a report published Tuesday, describing Coinbase as “crypto’s general store.”
The report added that Coinbase “offers investors direct exposure to increased retail and institutional adoption” of digital assets that offers an “undeniably very large opportunity set” within the cryptocurrency ecosystem.
Citi also said that the exchange’s “lean forward approach to regulatory compliance” could give it an edge over its competitors in the future. “To a degree, we think rising regulations could be a positive for Coinbase’s competitive positioning, particularly versus business models that predominantly rely on markets being unregulated,” the note read.
Coinbase is currently the world’s second-largest centralized cryptocurrency exchange. Its biggest rival, Binance, trades about five times more volume today, but it’s also faced intense scrutiny from regulators around the world over the last few months. Coinbase, meanwhile, has been proactive in engaging with regulators, recently pushing for a unified framework for regulating cryptocurrencies in the U.S.
The U.S. exchange went public on Nasdaq in April in what was described as a watershed moment for the cryptocurrency industry, hitting a valuation of $100 billion on market opening. Its recent ventures include a partnership with the NBA and forthcoming NFT marketplace.
COIN closed at $325.54 Monday, which means Citi is forecasting a 27% price rise.
The report also said that blockchain and the crypto markets present “an exceptionally large opportunity,” adding that it believes the technology is “here to stay.”
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