KBW Raises Coinbase Price Target to $230, Citing Unique Exposure to Crypto Economy

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Cointime2024/04/03 08:22

By:Cointime

KBW, a broker, has increased its price target for Coinbase from $160 to $230 due to the unique exposure the crypto exchange offers to the long-term growth of the crypto economy. The report highlights that Coinbase's trading activity continues to surge, with daily volume for March averaging $5.1 billion. The growth in USDC outstanding balances, elevated crypto asset levels, and retail re-engagement from trough levels in 2023 are seen as significant near-term revenue opportunities for Coinbase. However, the legal battle with the SEC and uncertain regulatory environment make it difficult for institutional investors to own the stock.

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