Coinbase Global Inc COIN has both strong customer acquisition and a rapidly growing institutional clients, while the ecosystem has grown significantly with the rising adoption of digital currencies, according to Goldman Sachs.
The Coinbase Global Analyst: Will Nance initiated coverage of Coinbase Global with a Buy rating and a price target of $306.
The Coinbase Global Thesis: The company has an “attractive business model that thrives on elevated cryptocurrency volatility” and faces opportunities to add new features and capabilities, Nance said in the initiation note.
Coinbase Global offers “a blue-chip way” to invest in the cryptocurrency ecosystem, he added.
“While we believe the core business today offers an attractive growth profile with the potential to drive high levels of profitability, we see significant white space for new initiatives to drive more stable and recurring revenue streams to complement the core trading business over the longer term,” the analyst wrote.
COIN Price Action: Shares of Coinbase Global had risen by 0.84% to $227.87 at the time of publication Monday.
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