Needham analyst John Todaro raised the firm’s price target on Coinbase to $180 from $160 and keeps a Buy rating on the shares. The firm is also naming the stock its Top Pick for 2024 and adding it to its Conviction List. Needham is impressed with the product growth at Coinbase, including the company’s derivatives launch, international expansion, and the Base chain launch, the analyst tells investors in a research note. The firm further sees Coinbase as better positioned in 2024 than during the last crypto bull cycle in 2021 and believes that it can maintain an elevated retail trading take rate at or above 170bps while gaining trading market share.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on COIN: