H.C. Wainwright Upgrades Coinbase to Buy with $425 Price Target
- H.C. Wainwright upgraded Coinbase (COIN) from sell to buy, raising the price target from $300 to $425.
- Coinbase reported third-quarter revenue of $1.9 billion, exceeding the expected $1.8 billion.
- The firm noted increased institutional demand and seasonal strength in crypto prices as factors for their bullish outlook.
- For fiscal year projections, total revenue for Coinbase is now expected to reach $7.4 billion by 2025.
- Despite a U.S. government shutdown, legislation on market structure is anticipated to pass by year-end, potentially benefiting Coinbase shares.
The upgrade reflects H.C. Wainwright’s confidence in Coinbase’s growth driven by trading activity and subscription services despite regulatory risks and market volatility in the digital asset space.
Coinbase’s strong Q3 results with a revenue of $1.9 billion highlight its resilience in the current market environment, supporting the new price target of $425 set by analysts. (Source)
