Coinbase initiated with a Buy at Argus on promising growth runway, margins

Argus analyst Kevin Heal initiated coverage of Coinbase (COIN) with a Buy rating and $400 price target The company is the leading cryptocurrency trading platform that also provides services such as custodial solutions, analytics tools and risk management tools, and in May, the stock was included in the S&P 500, the analyst tells investors in a research note. Coinbase is also in the early stages of expanding into other crypto products as well, and while its valuations are “off the charts”, its margins are higher than the peer group and its growth runway is promising, justifying the premium, Argus added.