TSX higher on employment data
Investing.com - BofA Securities has reiterated its Neutral rating for Coinbase Global Inc. (NASDAQ:COIN) with a price target of $369.00. The stock has demonstrated remarkable performance, delivering an 85% return over the past year. According to InvestingPro analysis, the company maintains strong profitability with $2.86 billion in net income over the last twelve months.
The firm believes Coinbase is well-positioned in the digital assets market as the largest U.S. platform with regulatory compliance in the United States. With a beta of 3.71 and significant price movements, investors should note the stock’s high volatility characteristics.
BofA Securities highlighted Coinbase’s diversified product offerings, which include Base, Payments, Crypto-as-a-service, One Card, and Commerce.
The financial services company noted that Coinbase currently serves over 240 businesses that use its crypto-as-a-service to power their custody, payment, and trading needs.
Among Coinbase’s notable clients are BlackRock (BLK), PNC, Stripe, and PayPal, according to BofA Securities’ analysis.
In other recent news, Coinbase Global Inc. has been active with several notable developments. The company announced the closure of its $2.9 billion acquisition of Deribit, a crypto options exchange, with transaction revenues from Deribit exceeding $30 million in July. This acquisition has prompted Barclays to raise its price target for Coinbase stock to $365, while maintaining an Equalweight rating. Additionally, Coinbase has filed a prospectus supplement to register the resale of nearly 11 million shares of Class A common stock, fulfilling obligations under a previous share purchase agreement.
William Blair has reiterated its Outperform rating on Coinbase, citing the company’s ongoing efforts to build a versatile and resilient crypto platform. This comes as the company navigates a soft second-quarter trading volume and increased infrastructure investments. Meanwhile, Deribit, a subsidiary of Coinbase, plans to launch new USDC-settled linear options for bitcoin and ether, catering to strong institutional and retail demand. These recent developments highlight significant movements within Coinbase as it adapts to the evolving cryptocurrency market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.