Cryptocurrency-Related Stocks Fall as Bitcoin Drops to $66,000

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Monness, Crespi, Hardt Starts Coinbase Global Inc. (COIN) at Buy, 'Early-Stage Anchor Tenant'

October 28, 2024 7:41 AM EDT

Monness, Crespi, Hardt analyst Gus Galá initiates coverage on Coinbase Global Inc. (NASDAQ: COIN) with a Buy rating and a price target of $245.00.

The analyst comments "We initiate Coinbase at Buy and a $245 price target (YTD +17.9% vs. S&P 500 +21.8%). Underpinning our thesis are the following views: (1) We see Coinbase as a long-term crypto Exchange/Custody/Services winner, owing to its first-mover advantage, superior technology, and leading compliance. As long as crypto can retain value based on its utility in decentralized finance lending/borrowing/leverage protocols across use cases, we think development in a... More