Coinbase initiated with a Buy at Benchmark as institutional adoption approaches

As previously reported, Benchmark initiated coverage of Coinbase (COIN) with a Buy rating and $252 price target As the largest U.S.-based cryptocurrency exchange with a domestic market share of about 66%, Coinbase’s stock price, which is highly correlated to crypto prices, has been cut nearly in half since early December versus a decline of about 41% in the Global 10 Crypto Index, the analyst tells investors. However, with the crypto space approaching the end of the “air pocket” in a move toward regulatory clarity, Coinbase is poised to benefit from “long-awaited” institutional adoption, the analyst added.