Coinbase initiated with a Buy at Rosenblatt

Rosenblatt initiated coverage of Coinbase (COIN) with a Buy rating and $305 price target The new administration will be a huge positive catalyst for crypto as long-awaited regulation will drive full-blown institutional adoption, the analyst tells investors in a research note, adding that combined with a Strategic Bitcoin Reserve and an infinitely more friendly SEC, the firm is optimistic about the future of crypto and related equities. Rosenblatt adds however that the recent pullback in the crypto sector is a reminder of the volatility when investing in this new technology, so the firm prefers the “higher ground” of Coinbase, which it calls the “clear blue chip” in the sector and a beneficiary of multiple positive tailwinds.