Cryptocurrency Exchange Operator Coinbase Could Skyrocket by 36%, Analyst Says
Although the cryptocurrency market has cooled somewhat in recent days, the stock of Coinbase Global (NASDAQ: COIN) remains a very compelling buy. That's the opinion of Goldman Sachs (NYSE: GS) analyst Will Nance. On Monday he launched the investment bank's coverage of Coinbase with an unhesitant buy recommendation at a price target of $306 per share -- almost 36% above the most recent closing share price.
For Nance, Coinbase is more than a juicy buy on the basis of cryptocurrency's recent, white-hot popularity. In a research note, he wrote:
While we believe the core business today offers an attractive growth profile with the potential to drive high levels of profitability, we see significant white space for new initiatives to drive more stable and recurring revenue streams to complement the core trading business over the longer term.
Source Fool.com
