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BTIG reiterated a Buy rating and $240 price target for Coinbase, seeing nearly 40% upside from its current $172 trading level, citing institutional growth.
BTIG Research has reiterated its Buy rating for Coinbase and maintained a $240 price target, projecting a nearly 40% upside from the stock's current trading level of approximately $172 [1]. This reaffirmation follows a meeting with Coinbase Institutional Co-CEO Brett Tejpaul, who outlined a multi-phase growth strategy for the institutional business [1].
| At a glance | |
|---|---|
| Analyst Rating | Buy [1] |
| Price Target | $240 [1] |
| Current Price (approx.) | $172 [1] |
| Implied Upside | ~40% [1] |
| Catalyst | Coinbase Institutional growth strategy [1] |
Coinbase's institutional arm, which currently accounts for approximately 20% of the company's total revenue, is pursuing a three-phase strategy [1]. The initial phase focuses on developing a core institutional platform, followed by an expansion into payment services and stablecoins in phase two [1]. The third phase aims to venture into tokenized assets and continuous markets [1]. Coinbase reported $6.04 billion in revenue over the last twelve months, with an 85.8% gross margin [1].
BTIG analyst Andrew Harte reaffirmed the bullish thesis on September 16 [1]. The firm's confidence comes despite a challenging second quarter for Coinbase, which saw a 25% quarter-over-quarter decline in crypto spot trading volumes, marking the weakest results in two years [1]. BTIG's assessment suggests that much of this weakness was already priced into the market, and the firm remains constructive due to Coinbase's ongoing market-share gains and platform diversification [1].
The consensus price target among 33 analysts covering Coinbase is approximately $220, implying roughly 28% upside from the $172 trading level [1]. Of these analysts, 18 currently rate the stock a Buy [1]. Coinbase went public in April 2021 at a reference price of $250 [1].
BTIG had previously lowered its price target for Coinbase from $260 to $240 on July 31, while maintaining its Buy rating [1]. This adjustment was attributed to the tough second quarter performance [1].
The sustained bullish outlook from BTIG highlights the firm's belief in Coinbase's long-term growth potential, particularly through its institutional business, despite recent market headwinds and a prior price target reduction [1].
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