Compass Point upgraded Coinbase (COIN) to Neutral from Sell with a $195 price target to reflect growing potential of a mini “Alt Season” this summer. While April and May trends imply Coinbase generating just about $1B of annualized EBITDA, the firm sees “green shoots” for a resurgence in retail trading, driven by higher Altcoin prices and it believes Coinbase fundamentals have decoupled from Bitcoin (BTC) prices and are instead being driven by Altcoin prices. While the firm sees potential for a tactical Altcoin rally this summer, it says Altcoins still face structural headwinds.
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