William Blair analyst Andrew Jeffrey has reiterated their bullish stance on COIN stock, giving a Buy rating on November 17.
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Andrew Jeffrey has given his Buy rating due to a combination of factors that highlight Coinbase Global’s potential for long-term growth despite current market volatility. He believes that the recent downturn in the crypto market presents an opportunity for investors to build positions, as the long-term performance of Bitcoin and other cryptocurrencies suggests their inherent value and potential as a digital alternative to traditional fiat currencies.
Jeffrey emphasizes that while Coinbase’s transaction revenue might face short-term pressures due to market weakness, the company is well-positioned to capture market share in both U.S. spot and global derivatives markets. He notes that Coinbase’s growing derivatives business offers diversification and some protection against volume declines, reinforcing its status as a leading exchange for both retail and institutional investors. This strategic positioning, combined with the expectation of increased liquidity and regulatory clarity, supports his optimistic outlook on Coinbase’s future prospects.
In another report released on November 17, Bernstein also reiterated a Buy rating on the stock with a $510.00 price target.