Deutsche Bank initiated coverage of Coinbase (COIN) with a Buy rating and $340 price target The company will leverage its leading crypto market position to create a broader on-chain platform with additional capabilities, the analyst tells investors in a research note. The firm believes Coinbase’s strategy should “substantially widen” its addressable markets and diversify its products, while mitigating potential future pricing pressure within retail crypto trading. The company’s heaviest investment stage has passed, positioning it for better scale and modest EBITDA margin expansion, contends Deutsche.
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