Bank of America says Coinbase is fully capable of becoming the ‘Amazon of crypto’

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2021-08-17 19:18:13

Bank of America has begun covering Coinbase Global. The bank has identified a number of factors that could drive Coinbase’s revenue. About Coinbase’s Plans to Be the “Amazon of Crypto Assets”.

Bank of America says Coinbase is fully capable of becoming the ‘Amazon of cryptocurrencies’

On August 13, Bank of America embarked on research on Coinbase Global Inc, specifically the exchange’s COIN stock listed on the stock exchange in April. Jason Kupferberg, research analyst Senior stock at Bank of America Merrill Lynch, has a COIN rating of neutral and a price target of $273.

Although Jason Kupferberg considers Coinbase to be a leading crypto infrastructure provider, he warns that COIN stock, which is trading at 18.3x sales, may be limited in its short-term upside. . He describes:

COIN aims to be the Amazon of crypto assets, although in our view the COIN model is still in a very early stage of development and we are waiting for more concrete signs of progress. compared to the long-term vision of COIN.

Coinbase CEO Brian Armstrong affirmed his vision last week during the company’s Q2 2021 earnings meeting that Coinbase wants to be the Amazon of assets, especially in the money sector. encode.

Some of the top investment banks are now putting COIN in the spotlight. Wedbush Securities began covering Coinbase in May with a stock price target of $275. The company raised its COIN price target from $275 to $300 last week with a “better” rating on the stock.

JPMorgan and Goldman Sachs started paying attention to Coinbase in May. Goldman has a buy rating and price target of $306 for COIN. JPMorgan favors COIN again due to the company’s important position in the burgeoning crypto space. The company sets a target price for COIN at $371.

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