Digital Assets: Goldman, JPM Bullish On Cryptos; Issue Solid Projections For Coinbase

May 25, 2021 | Digital Assets, News
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On Coinbase: JPM (Overweight/PT of $371); Goldman (Buy/PT of $306)

Both JPMorgan (NYSE: JPM) and Goldman Sachs (NYSE: GS) have initiated coverage on Coinbase (NASDAQ: COIN) and assigned bullish ratings and price targets. At the time of writing, COIN is trading at $241, and the investment bankers’ price targets represent upside of 54% (JPM) and 27% (GS) respectively. (Crowdfund Insider)

Notably, COIN is down 36% from its listing open of $380 on April 14.

JPMorgan on bitcoin

JPMorgan analyst Kenneth Worthington initiated coverage Tuesday of COIN with an Overweight rating and a price target of $371.

In the view of the analyst, COIN sits at a pivotal position in a rapidly growing crypto sector.

“We see the cryptomarkets as durable and growing, and expect Coinbase has the opportunity to influence and benefit from this market growth as it innovates,” Worthington wrote.

“With 56 million verified users, we see Coinbase driving growth by implementing a marketing program to attract more mainstream investors and to convert verified users into funded active accounts,” the analyst added.

Goldman Sachs on bitcoin

Goldman Sachs analysts Will Nance and Onkar Gandhi assigned a Buy rating and a $306 price target to COIN in their 54-page report on the burgeoning crypto space.

Key remarks:

  • “brings leverage to an ecosystem that has seen strong growth driven by increasing adoption of digital currencies”
  • has “an attractive business model that thrives on elevated cryptocurrency volatility”
  • “significant opportunities to add additional features and capabilities”
  • “we believe COIN represents a blue-chip way through which to invest in the development of the ecosystem.”
  • “if meaningful parts of the economy can transition to blockchain and crypto-native technology over time, we see significant opportunity for [Coinbase] to benefit from its status as a critical element of the financial infrastructure for the ecosystem.”

Related Story:  CoinBase Debut – Crypto’s “Watershed” Moment

Image Credit: The Coinbase Blog

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