Loading...

Coinbase stock: $415 target by Citigroup as investors are urged to support platform

In this post:

TL; DR Breakdown

  • Citigroup Bank thinks Coinbase stock is worth 30% more than its current price.
  • Coinbase is receiving praises from analysts.

U.S. bank Citigroup issued a bullish price target of $415 for Coinbase in an analysis note. The report was dated 26th October 2021. The goal placed by Citi was on the top end of Monday’s closing price, which was under $330. Analysts from the bank also believe that the American exchange platform is a crypto emporium.

Peter Christiansen, a Citi analyst, wrote in a report that the position within the crypto value chain, a `networking-based business model with topnotch strategies, has set the bar high. Coinbase services are on another level offering a variety of opportunities to cater to rising needs. He noted that it’s a fact that they trust COIN as investable. He urged investors to trade at crypto’s general store to experience value.

Coinbase complying with regulations

The U.S. bank believes COIN has a lot of potential upside for the stock. The exchange platform that facilitates transactions has made its business-extensive with a variety of offers. The popular cryptocurrency brokerages have expanded their operations to other sectors like cold wallet storage and NFTs. The platform will advance as it gets deeper into payments, brokerage accounts, and many Americans’ card services.

Citi notes that Coinbase is leading compared to its competitors because of its lean-forward approach to regulatory compliance. Coinbase has been proactive in following the laws set forth. The bank believes that in the long run, COIN will emerge as unbeatable. They added that not all regulations should be seen as harmful. 

The bank added that the increase in regulations might give Coinbase an upper hand against its competitors compared to firms that essentially rely on markets being independent. 

Christiansen added that the stock is available to shape “higher highs and higher lows” as most people continue to embrace crypto.

SEC approval of ETFs

Since the launch of Bitcoin futures, ETFs Coinbase Global is receiving compliments from analysts who believe the platform will gain from an extensive move towards Bitcoin.

JPMorgan’s Kenneth Worthington raised his price target on COIN to $375. Lisa Ellis, the senior Equity Analyst at MoffettNathanson, said COIN would go to $600, adding this is a must-own stock. She noted that the exchange partnered with Facebook on its Novi crypto wallet, a significant development.

Piper Sandler bank analyst Richard Repetto also increased his target on the stock to $360 on Monday. Repetto said the establishment of futures ETFs signals that the Securities and Exchange Commission will not ban all digital assets. He noted that the futures ETFs should lead to significant benefits for the currency in the long run. 

Coinbase is presently the world’s second-largest centralized cryptocurrency exchange after Binance. The leading exchange trades almost five times more volume today than COIN.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Pepe
Cryptopolitan
Subscribe to CryptoPolitan