Coinbase a Buying Opportunity After Three-Week 30% Plunge: Rosenblatt
Analyst Chris Brendler sees 45% upside in shares of the crypto exchange.
What to know:
- Rosenblatt sees Coinbase’s (COIN) stock drop as a buying opportunity, citing potential gains from a pro-crypto administration.
- The firm initiated coverage on COIN with a buy rating and a $305 price target, suggesting 45% upside from current levels.
- Analyst Chris Brendler calls COIN a “blue chip” in crypto, poised to benefit from industry tailwinds and regulatory clarity.
Along with stocks in general and crypto markets in particular, it's been a rough few weeks for Coinbase (COIN), its shares sporting a decline of about 30% since mid-February and a 40% drop since hitting a 52-week high in early December.
Investment firm Rosenblatt spies opportunity, saying investors will benefit from buying the dip as the exchange remains set to profit from the Trump administration's pro-crypto stance.
“COIN is the clear blue chip in the sector and should be a beneficiary of multiple positive tailwinds,” Rosenblatt analyst Chris Brendler wrote, initiating coverage of the crypto exchange with a buy rating and $305 price target. "COIN has also proven its ability to navigate both Bull and Bear markets and with the growth in non-trading revenue, we believe the stock will prove more resilient in the next Crypto Winter."
“Fortunately, we think it is more of a 'Crypto Spring' right now and like the stock here after the pullback,” he added.
Brendler attributes COIN's recent declines as a result of on-again, off-again tariffs imposed by President Donald Trump in addition to broader political uncertainty, which have sent risk markets lower across the board of late.
COIN nevertheless, reminds Brendler, remains a dominant player in the industry thanks to its strong brand, deep liquidity, and superior user experience.
“Regulatory clarity will attract more TradFi players into crypto, but COIN’s decade-plus head start and comprehensive product suite position it to maintain market leadership," he added.
Alongside another difficult day in markets, COIN is lower by 1% to $211 on Friday. The Nasdaq is down 1.4%, the S&P 500 lower by 1.1% and bitcoin is off 3.5% to $87,000.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
