Earlier this week, Citigroup started coverage of COINBASE Global Inc’s NASDAQ-listed stock (COIN) with a “buy” rating.
According to a report by MSN, on Tuesday (October 26), when COIN was trading around $325, Citi set a $415 price target for COIN* (which closed the regular session on Friday at $319.42).
The MSN report stated that in his research note, Citi’s equity research analyst Peter Christiansen said that Coinbase stock offers investors “direct exposure to increased retail and institutional adoption of cryptocurrencies.”
Ass for potentially upcoming crypto regulations, it appears that Citi believes “rising regulations could be a positive for Coinbase’s competitive positioning, particularly versus business models that predominantly rely on markets being unregulated.”
Another analyst bullish on Coinbase’s prospects is Piper Sandler’s Richard Repetto, who has recently upped the company’s price target from $335 to $360, while maintaining its overweight rating.
On Monday (October 25), according to a report by The Daily Hodl, Citigroup CEO Jane Fraser had this to say about cryptoassets during an interview with Yahoo Finance:
“It’s clear that digital assets will be part of the financial services and financial markets, the future of them. We already see clients very active in the space.
“Real-time payments, both in the sense of they’re [being] frictionless, they’ll become more global, they’ll become ubiquitous. Real-time payments will be here in the near term, and digital currencies may be part of that future.
“We see benefits from the digital asset space – instant processing, fractionalization, programmability and transparency.“
