Bank of America Sees Long Road Ahead for Coinbase to Become the 'Amazon of Crypto Assets'

Bank of America Sees Long Road Ahead for Coinbase to Become the 'Amazon of Crypto Assets'

THELOGICALINDIAN - Bank of America has accomplished advantage of Coinbase Global The coffer has articular several factors that could addition Coinbases acquirement Regarding the crypto exchanges plan to become the Amazon of crypto assets Coffer of America says it is still in actual aboriginal stages of development

Bank of America Awaits Concrete Signs of Progress Against Coinbase’s Long-Term Vision.

Bank of America (Bofa) accomplished advantage of Coinbase Global Inc. (Nasdaq: COIN) Friday. Jason Kupferberg, a chief disinterestedness analysis analyst at Bank of America Merrill Lynch, started Coinbase with a “neutral” appraisement and a $273 amount target.

While the analyst sees Coinbase as the “leading provider of crypto infrastructure,” he cautioned that its stock, which is trading at 18.3 times sales, may accept bound near-term upside. He described:

Coinbase CEO Brian Armstrong said aftermost anniversary during the company’s Q2 2021 balance call: “We appetite to be the Amazon of assets, account every asset out there in crypto that’s legal. There are bags of them today. There are eventually activity to be millions of them. This is all beneath the affair of all-embracing decentralization.”

The Bank of America analyst is attractive for Coinbase to alter abroad from crypto trading fees, which currently annual for 95% of the company’s revenue. Noting that casework such as staking and lending are starting to accretion absorption for the exchange, he acicular out that subscriptions and casework represent cogent cross-selling opportunities that could addition Coinbase’s boilerplate acquirement per user.

Several advance banks now awning Coinbase Global. Wedbush Securities began accoutrement Coinbase in May with a banal amount ambition of $275. The aggregation aloft the exchange’s amount ambition from $275 to $300 aftermost anniversary with an “outperform” appraisement for the stock.

In July, Mizuho cut the amount ambition for Coinbase from $225 to $210 while Oppenheimer aloft the amount ambition for COIN from $434 to $444. Raymond James began accoutrement Coinbase in June with an “outperform” rating.

JPMorgan and Goldman Sachs initiated coverage of Coinbase in May. Goldman began with a “buy” appraisement and a amount ambition of $306 for COIN. JPMorgan started with an “overweight” appraisement abundantly due to the company’s key position in the growing cryptocurrency space. The close set the ambition amount for Coinbase at $371.

Do you anticipate Coinbase will anon become the Amazon of crypto assets? Let us apperceive in the comments area below.

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