TD Cowen analyst Stephen Glagola raised the firm’s price target on Coinbase to $75 from $39 and keeps an Underperform rating on the shares. The firm thinks the shares carry an excessive market cap against their 2024 outlook of low visibility on trading activity, USDC revenue to declineyear-over-year, limited direct revenue from potential spot ETFs, and expectations for regulatory risk to return as an overhang.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
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:
- Cathie Wood’s ARK Investment sold 166K shares of Coinbase today
- Price dips are market opportunities to buy Bitcoin, miners, says Bernstein
- Crypto names slide in pre-market as bitcoin falls below $42,000
- Here’s What You Missed in Crypto This Week
- India to block URLs of 9 offshore platforms including Binance and Kraken