Coinbase assumed with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Ramsey El-Assal assumed coverage of Coinbase (COIN) with an Overweight rating and $277 price target The company is evolving into an “Everything Exchange”, expanding beyond spot crypto trading into a multi-product financial platform, the analyst tells investors in a research note. While volatile exchange volume remains the key revenue driver, Cantor expects Coinbase’s growing mix of subscription and services revenue to enhance operating leverage and support more consistent earnings as the crypto ecosystem matures, the firm added.