Coinbase Global may have disappointed a few with its Nasdaq debut on Wednesday, but big gains are ahead, says a Wall Street brokerage that announced a bullish $500 share price target.
Analysts at BTIG on Thursday initiated coverage on the cryptocurrency exchange with a buy rating. The “gold standard among digital asset exchanges,” Coinbase is set for “sustained rapid growth” as the industry’s ecosystem expands and increasing institutional adoption provides a tailwind, Mark Palmer and Andrew Harte told clients in a note.
Coinbase’s listing announcement in late January is just one factor that has helped fuel enthusiasm for the crypto space this year, with Bitcoin surging to new records above $60,000 recently and up 117% so far in 2021.
The institutional world has also been climbing aboard, with financial services company Visa last month announcing plans to settle transactions in a “stablecoin,” USD Coin (USDC), while electric-car maker Tesla and digital payments companies PayPal and Square all offer transaction options in Bitcoin or other cryptos.
Continue reading Coinbase Stock Could Hit $500. One Analyst Explains Why. on Barrons