Monness, Crespi, Hardt initiated coverage on Coinbase Global (NASDAQ:COIN) with a Buy rating and a $245 price target, citing Coinbase’s strong position as a leading crypto exchange and custodian. The firm highlighted Coinbase’s advantages, including its first-mover status, advanced technology, and regulatory compliance, positioning it well in a growing multi-chain ecosystem.
The analysts pointed out the potential for long-term growth as Coinbase benefits from increased global crypto adoption and expanding user bases, despite near-term market volatility. The analyst also noted the company’s efforts in transaction processing via its Base platform and its role in lobbying for the crypto industry.
While Coinbase faces ongoing legal challenges with the SEC, the analysts believe these could present attractive entry points for investors. With a solid user base and efforts to create new revenue streams like staking and subscriptions, Monness sees a promising growth trajectory for Coinbase.