We initiate coverage on Coinbase Global, Inc. (COIN) with a Buy recommendation and a 12-month target price of $400.
Started in 2012, Coinbase has made a name for itself by providing one of the easiest ways for retail customers to buy, sell, store, and send cryptoassets. Coinbase Global began trading on April 14.
Our target assumes cryptoassets are here to stay and Coinbase will not only grow its current crypto exchange business, but will also expand into other services, most notably products for institutions.
The biggest risk is Coinbase’s business is highly leveraged to not only the price of bitcoin and other cryptoassets, but also trading volumes and volatility, which is exacerbated by its retail customer base.
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