Coinbase Stock Upgraded to 'Buy' by Rothschild & Co Redburn
Coinbase Global Inc. (COIN) has received a boost in confidence from Rothschild & Co Redburn, which upgraded the cryptocurrency exchange's stock rating from 'neutral' to 'buy'. The upgrade, announced on Friday, October 6, 2023, reflects the bank's optimism in Coinbase's growth prospects. As of publication, COIN is trading at $378.
The primary catalyst for the upgrade is Coinbase's multiple growth areas, driven by rising crypto adoption and strategic acquisitions. One such acquisition, Deribit, has significantly contributed to Coinbase's expanding revenue streams. Rothschild has also adjusted its price target for COIN, increasing it from $372 to $417, indicating an assessed upside of +12.1%.
Looking ahead, Rothschild anticipates stablecoin revenue expansion to offset potential headwinds from lower US policy rates. Rothschild has started coverage of Circle Internet Group (CRCL), assigning it an initial 'neutral' rating with a price target of $136. As of publication, CRCL is trading at $155.79.
Coinbase continues to benefit from its first-mover advantage as cryptocurrency gains traction in mainstream financial markets and regulatory frameworks. The recent upgrade by Rothschild & Co Redburn underscores the optimism surrounding Coinbase's growth potential.
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