Financial Services Multinational City started stock coverage on the U.S. Crypto Exchange Coinbase this week with a very bullish price target.
Citi analyst Peter Christianensen told investors they could “buy crypto general stores,” in a research note published on Tuesday, October 26th. Citi has given COIN a bullish price target of 15 415, which is significantly higher than Monday’s closing price of $ 319.
Analysts say the stock provides investors with “increased exposure to cryptocurrencies and direct exposure to institutional acceptance.”
The multinational banking giant sees the potential of Coinbase as the company continues its efforts to expand its operations beyond just one crypto exchange and into other areas such as NFTs and cold wallet storage.
The company has collected more than one million applications within a day of its October 13 announcement for the waiting list for its NFT platform. “For a position within the crypto value chain, a‘ networking-based ’business model,” Christianensen recommends to the company. And the strategy, undoubtedly, set a very big opportunity… yes, we believe COIN is investable. “
He considers Coinbase’s “approach to regulatory compliance” a competitive advantage.
“On one level, we think the growing regulations could be a positive for Coinbase’s competitive position, especially in the case of business models that rely primarily on unregulated markets.”
With the rise in crypto asset acceptance, Christianensen added that the stock has a “high high and a high low”. US investment bank Piper Sandler also raised their target price for the stock by 360.
Kenneth Worthington of JPMorgan is not on every analyst board with slightly raising its price target from $ 372 to $ 375 to $ 375. But Lisa Ellis, a senior equity analyst at MoffettNathanson, says COIN is a “must-have” stock that could go up to $ 600 in its Novi crypto wallet in light of a recent partnership with Facebook.
Coinbase went public with an opening IPO price of $ 381 in April, the day before it peaked at শীর্ 430. On Monday this week, COIN touched a monthly high of $ 326 but fell 4.3% from its next trading price of $ 312, according to MarketWatch.
Related: Reports suggest that shares of a mainstream tech giant Coinbase stock hold
Shortly after it was listed, reports emerged that Coinbase insiders and executives had started dumping stock. The company made a profit of about $ 1.6 billion in Q2, a large portion of which is higher than its industry average transaction fee. The Q3 report was published on 9 November.
In August, CNBC ‘Mad Money’ host Jim Kramer Coinbase Stock recommended that investors allocate 5% of their portfolio to crypto assets.