William Blair analyst Andrew Jeffrey has reiterated their bullish stance on COIN stock, giving a Buy rating on October 9.
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Andrew Jeffrey has given his Buy rating due to a combination of factors that highlight Coinbase’s potential in the evolving crypto ecosystem. He believes that Coinbase stands out as a high-quality player with a comprehensive approach to long-term growth in the crypto market. Despite being underrepresented in many portfolios and often misunderstood as a simple exchange, Coinbase’s potential for revenue and profit growth is significant, particularly through its USDC commerce and its leading role in decentralized finance (DeFi).
In addition to long-term prospects, Jeffrey notes that Coinbase’s short-term financial performance is closely linked to trading volumes, which have shown strength in recent quarters. He has adjusted his transaction revenue estimates upwards, reflecting positive trends in spot and derivative trading. Furthermore, the potential for increased subscription and services revenue, especially during periods of token price appreciation, adds to the bullish outlook. The emergence of USDC as a commercial stablecoin standard further supports Coinbase’s growth trajectory, offering a structural advantage as the company benefits from the stablecoin’s expanding market cap.
Jeffrey covers the Technology sector, focusing on stocks such as Affirm Holdings, Fiserv, and Block. According to TipRanks, Jeffrey has an average return of 14.5% and a 64.30% success rate on recommended stocks.
In another report released on October 9, Citizens JMP also reiterated a Buy rating on the stock with a $440.00 price target.