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Briefly
- Coinbase is “misunderstood,” Bernstein said analysts in the note, increasing their target goal of almost 65% of the previous forecast.
- Analysts maintained an extent rating.
- Coinbase, who recently traded for $ 349, will reach $ 510 by $ 2027, analysts said.
The Bernstein investment company called Coinbase a “misunderstood” company on Wednesday and upgraded its target goal by 65% with forecasts just three months ago.
Analysts wrote that the recent approval of the Senate for the Senate Law on Stablecoin, a wide initiative of the company and the dominant position, should increase the price to $ 510 to 2027.
“The bear’s thesis on Coinbase did not play,” read the note read by Gautam Chhugani, Mahika Paper and Sanskar Chindalia. “The Coinbase market share was persistent despite the new competition.”
The authors added: “As the regulatory winds for the crypto industry withdrew, Coinbase appeared as a top -quality financial platform, consolidating market share in the US”
Bernstein, who maintained an extent rating, had assigned Coin price of $ 310 in March, citing a favorable regulatory environment for cryptocurrencies under Trump’s administration.
Coinbase (Nasdaq: Coin) shares recently traded for $ 349, after a 1% jump over last day. Yearbook, a coin increased by 36%.
Washington legislators last week approved The account that establishes a framework for the issuance and trading of stable carriages, the crypto currencies were usually attributed by the US dollar. Coinbase is strongly involved in the Stablecoin world and helps traders to pay payment with USD coin Crypto currency.
A company based in California San Francisco, California go public 2021 users can buy, sell and bet on the future price of digital coins and tokens on their platform.
The company is also engaged in Bitcoin A caregiver for numerous main managers of assets and has contracts with the US government.
Bernstein analysts have added that Coinbase can deal with buy derivatives exchange deribit and the fact that its network, Baseused by big players –including JP Morgan– The company’s stock would help.
In May, Coinbase began to trade on the S&P 500 Index, and unlike other crypto stock exchanges, he did not face a large hack or bankruptcy.
“In the world of failed crypto exchanges guided by Hakova/Fraud (MT GOX Failure in 2014 and FTX failure, such as recently 2022), Coin appeared as a Crypto a safe haven, guided by his first compliance approach and a record of losing user funds,” Bernstein analysts added.
Edited James Rubin
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