Shares of Coinbase Global Inc COIN were rising on Wednesday, after being under pressure over issues regarding the US Securities and Exchange Commission.
Coinbase Global is poised to gain market share in 2023, according to HC Wainwright.
The Coinbase Global Analyst: Mike Colonnese initiated coverage of Coinbase Global with a Buy rating and a price target of $75.
The Coinbase Global Thesis: The crypto winter seems to be over, with prices rallying 45% year to date, Colonnese said in the initiation note.
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“Coinbase is uniquely positioned to benefit from the large and rapidly growing global crypto economy given its trusted brand, easy to use products, and focus on compliance and regulation,” the analyst wrote.
Bitcoin is showing signs of entering the next bull price cycle, which is not reflected in the current estimates, and this has “historically resulted in significant growth in total crypto market cap, incremental retail and institutional adoption, and higher crypto trading volumes, all key metrics that drive Coinbase’s operating results,” he added.
COIN Price Action: Shares of Coinbase Global were up 4.4% to $58.01 at the time of publication on Wednesday.
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