Coinbase initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Brett Knoblauch initiated coverage of Coinbase (COIN) with an Overweight rating and $245 price target Markets are missing what Coinbase, best known for being one of the largest cryptocurrency exchanges in the world, is doing beyond trading, particularly with its L2 Base and its stablecoin relationship with Circle, which are instrumental in changing the narrative, the analyst tells investors in a research note. As the market gets more visibility into the scale and earnings potential of Base and stablecoins, shares should re-rate higher, Cantor argues.