US Tiger analyst Bo Pei upgraded Coinbase to Buy from Hold with a price target of $200, up from $65. The analyst is making a "non-consensus call" with a Street-high price target implying 167% upside. The firm believes the crypto market "has started a new bull run" and says crypto prices are the main factor to consider when investing in Coinbase. It thinks a crypto bull market will drive "significant" revenue growth for the company. After revising up its estimates, US Tiger’s 2023 and 2024 revenue estimates are 26% and 50% above consensus, respectively. Bitcoin’s current market cap is roughly $500B, while the gold market cap is estimated at $12.6 trillion, or 23.2 times Bitcoin’s, suggesting significant upside for bitcoin in the long term, US Tiger contends.
Published first on TheFly
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