Circle’s (CRCL) successful IPO is a “material event” for Coinbase (COIN) and its valuation, Citizens JMP tells investors in a research note. Coinbase shares are up 40% in June, compared to the S&P 500 up 3%, which doesn’t fully reflect Circle’s impact, the firm says. The firm, which has an Outperform rating and $400 price target on Coinbase shares, reiterates that Coinbase is much more than an exchange to buy and sell cryptocurrencies.
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