Coinbase initiated with a Buy at Clear Street

Clear Street analyst Owen Lau initiated coverage of Coinbase (COIN) with a Buy rating and $406 price target The firm believes many asset classes will move on-chain, which will benefit Coinbase substantially. Management also has an ambitious goal to make its Base app a “Superapp,” similar to WeChat in China, the analyst tells investors in a research note. The firm adds that it believes Coinbase has ample of growth opportunities driving higher valuation.