Investment banks JPMorgan and Goldman Sachs have initiated coverage of the Coinbase Global stock. JPMorgan gives Coinbase an overweight rating with a 60% upside potential while Goldman Sachs begins with a buy rating.
JPMorgan, Goldman Sachs Now Covering Coinbase Stock
JPMorgan initiated coverage of Coinbase on Tuesday with an overweight rating largely due to the companyâ€™s key position in the growing cryptocurrency space, analyst Kenneth Worthington explained. The firm sets the target price for Coinbase at $371, a 59% increase from the current level. The analyst detailed:
Another investment bank, Goldman Sachs, initiated coverage of the Coinbase Global stock on Monday with a buy rating. The firm has set the price target for Coinbase at $306, a 31% increase from the current level.
Goldman Sachs analyst Will Nance explained that Coinbase Global â€œbrings leverage to an ecosystem that has seen strong growth driven by increasing adoption of digital currencies.â€ In addition, COIN has â€œan attractive business model that thrives on elevated cryptocurrency volatility,â€ with â€œsignificant opportunities to add additional features and capabilities.â€ The analyst further said:
Bitcoin News reported Monday that Goldman Sachs is now considering bitcoin an investable asset and a new asset class. â€œClients and beyond are largely treating it as a new asset class, which is notable â€” itâ€™s not often that we get to witness the emergence of a new asset class,â€ Goldmanâ€™s analyst wrote.
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