2 months ago
The broker initiated sum of the crypto speech with an overweight standing and a $245 terms target.
Updated Apr 8, 2025, 2:39 p.m. Published Apr 8, 2025, 2:34 p.m.
Coinbase (COIN) is much than conscionable a crypto trading platform, Wall Street broker Cantor said successful a probe study Tuesday, initiating sum of the stock.
Cantor assumed sum of the crypto speech with an overweight standing and a $245 terms target. In aboriginal trading, the shares were up much than 5%.
"Markets are missing what it is doing beyond trading, peculiarly with its L2 (Base) and its stablecoin narration with Circle," analysts Brett Knoblauch and Thomas Shinske wrote. Coinbase shares are charismatic astatine existent levels, arsenic they are trading astatine astir a 32% discount to humanities valuation multiples, the study added.
The broker sees some these segments arsenic "instrumental successful changing the communicative surrounding COIN, from being a cyclical crypto trading level to being a mission-critical infrastructure of the crypto economy."
The study said the shares are expected to re-rate higher erstwhile investors person accrued visibility into the net imaginable of Base and stablecoins.
Base gives Coinbase an edge, the study said. The furniture 2's beardown idiosyncratic maturation creates a "flywheel effect" that benefits the crypto speech with much transaction fees.
Cantor said the stablecoin accidental is besides being underappreciated by the market, particularly fixed the imaginable for these cryptocurrencies to displace accepted concern cross-border outgo rails.
Read more: Cathie Wood’s ARK Buys Over $13M Worth Coinbase Shares During Market Rout
Will Canny
Will Canny is an experienced marketplace newsman with a demonstrated past of moving successful the fiscal services industry. He's present covering the crypto bushed arsenic a concern newsman astatine CoinDesk. He owns much than $1,000 of SOL.
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