Share this article
BTC
$78,934.89
-
5.23%ETH
$1,595.73
-
11.61%USDT
$0.9995
-
0.03%XRP
$1.9329
-
9.02%BNB
$563.11
-
4.63%USDC
$1.0002
-
0.00%SOL
$107.09
-
10.66%DOGE
$0.1495
-
10.64%TRX
$0.2297
-
2.47%ADA
$0.5804
-
10.30%LEO
$8.9091
-
2.47%LINK
$11.38
-
10.92%TON
$2.9330
-
9.81%XLM
$0.2281
-
9.21%SHIB
$0.0₄1147
-
6.26%AVAX
$16.21
-
6.67%SUI
$1.9316
-
11.56%HBAR
$0.1420
-
11.54%OM
$6.0683
-
2.14%BCH
$275.82
-
7.04%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Coinbase Rated 'Overweight' in Initial Coverage by Piper Sandler: Report
Analyst Rich Repetto points to the exchange's expanding market share in a fast-growing industry.
Investment firm Piper Sandler has rated Nasdaq-listed Coinbase's (COIN) stock at “overweight,” saying the cryptocurrency exchange company is still set to be a leader in the fast-growing crypto industry.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Piper Sandler analyst Richard Repetto initiated coverage of COIN on Friday, and in a note to clients, he wrote that the exchange has continued to expand its market share, despite the industry's dramatic growth, according to a CNBC report.
- “In our view, COIN is the most scaled play in the crypto space, an asset class that has the potential, in our view, to reshape financial services and the technology underpinning it,” Repetto said, according to CNBC.
- The analyst set a price target of $335 for COIN; at the time of publication Friday, the stock was trading up 0.16% at $265.52.
- “As COIN continues to grow its assets on platform and verified users count through (1) further adoption of crypto by the public and (2) increased market share, we believe Coinbase’s revenue potential has increased in optimal operating environments and raised their operating floor in subdued, non-volatile, markets,” Repetto aid.
- The rating comes a day after the exchange boosted its forecast range for active users in 2021 while reporting first-quarter results that matched its previous estimate.
- Coinbase’s shares started trading last month on the Nasdaq in a direct listing. The stock opened at $381 and shot up to almost $430 during its first day.
Read more: Oppenheimer Rates Coinbase Stock as ‘Outperform,’ Sets Price Target of $434
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
