COIN - Coinbase to Benefit from SEC's Bitcoin ETF Approvals - Analyst Expects Favorable Q4 | Benzinga
Wedbush analyst Moshe Katri maintained Coinbase Global Inc (NASDAQ: COIN) with an Outperform and raised the price target from $110 to $180.
COIN's future results are bound to benefit from The SEC's Bitcoin ETF approvals, given the company's dominant role in these ETFs, ETFs facilitation and unlocking of incremental institutional investing in crypto assets (now under 10%), and recent legal/financial woes impacting COIN's peers (re. Binance), the analyst noted.
Katri also expects P&L tailwinds from the recent December quarter's volatility (40%) increase in crypto asset prices, in line with Q1/CY23's levels, favorably driving the company's trading volume mix.
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