Coinbase Global’s (COIN) stock closed 3% higher on June 25 after Wall Street firm Bernstein issued a bullish report on the cryptocurrency exchange.
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Gautam Chhugani, a top five-star rated analyst with a 66% success rate, raised his price target on COIN stock to $510 from $310 and slapped a Buy-equivalent outperform rating on the shares. In a note to clients, Chhugani wrote that “Coinbase is the most misunderstood company in our Crypto coverage universe.”
The Bernstein analyst also said that the cryptocurrency platform is a one-stop “Amazon of crypto financial services.” COIN stock rallied hard on the bullish note and finished trading on June 25 at $355.37, close to its all-time close of $357.39 reached on Nov. 9, 2021.
Dominant in Crypto Trading
As the largest cryptocurrency exchange in the U.S., and the only cryptocurrency company included in the benchmark S&P 500, Coinbase dominates crypto trading in America, wrote Chhugani. Coinbase Global also operates the largest stablecoin business among crypto exchanges, and serves as a custodian for the majority of U.S. spot Bitcoin (BTC) ETFs.
“COIN has also added several fast-growing businesses such as institutional custody, Base blockchain services and Prime lending desk… thus, emerging as the ‘Amazon of crypto financial services,’ offering crypto financial services beyond simple trading,” wrote Chhugani. COIN stock has gained 43% this year.
Is COIN Stock a Buy?
The stock of Coinbase Global has a consensus Moderate Buy rating among 24 Wall Street analysts. That rating is based on 13 Buy and 11 Hold recommendations issued in the last three months. The average COIN price target of $274.15 implies 22.86% downside from current levels.
