Rothschild & Co Redburn upgraded Coinbase (COIN) to Buy from Neutral with a price target of $417, up from $325. The firm still expects compression in the company’s take rate over time, but believes its retail volume growth will help to mitigate this. It now sees “strong” growth in Coinbase’s institutional trading, reflecting, its growing institutional adoption of cryptoassets and the strength of the company’s positioning following investment into its derivatives capability.
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