Coinbase Global (COIN – Research Report), the Financial sector company, was revisited by a Wall Street analyst today. Analyst Gautam Chhugani from Bernstein maintained a Buy rating on the stock and has a $310.00 price target.
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Gautam Chhugani has given his Buy rating due to a combination of factors that highlight Coinbase’s strong market position and growth potential. As the largest U.S. crypto exchange, Coinbase is well-positioned to benefit from the U.S. government’s efforts to establish the country as a global leader in the crypto industry. This strategic positioning is expected to drive significant expansion in the total addressable market, despite concerns about increasing competition and fee pressures.
Chhugani also points to the anticipated regulatory clarity, which is likely to bring more competition but also solidify the U.S. as a dominant player in the crypto market. This, combined with a strong bull market, is expected to offset any competitive pressures. Additionally, Coinbase’s growth in non-trading revenues, such as its crypto financial services, is projected to provide a robust balance to its business model, further supporting the Buy rating.
In another report released on March 12, Rosenblatt Securities also reiterated a Buy rating on the stock with a $305.00 price target.