Bank of America launches Coinbase global. The bank identified several factors that could increase Coinbase’s turnover. As for kryptobirzhi’s plan to become the “Amazon of crypto assets,” Bank of America says it is “still in the very early stages of development.”
Bank of America expects tangible signs of progress on Coinbase’s long-term vision.
Bank of America (Bofa) Coinbase Global Inc. ‘e is. (Nasdaq: coin) Friday. Jason Kupferberg, Senior Equity Research analyst at Bank of America Merrill Lynch, started with Coinbase with a “neutral” rating and a target of $ 273.
The analyst sees Coinbase as a “Leading Provider of crypto infrastructure,” with sales up 18.3 times, warning that stocks may be limited to short-term increases. He described:
Although we believe the coin model is still at a very early stage of development, COIN aims to be the Amazon of crypto assets and we expect more specific signs of progress in line with coin’s long-term vision.
Coinbase CEO Brian Armstrong said last week during the company’s earnings announcement in Q2 2021: “we want Amazon’s assets listed, legally listing all assets in crypto. There are thousands today. In the end, there will be millions. All this is in the theme of decentralization.”
The Bank of America analyst wants to diversify Coinbase by ditching cryptocurrency trading fees, which currently account for 95% of the company’s revenue. Services such as strikes and borrowing are starting to gain momentum in the stock market, he said, noting that subscriptions and services are significant cross-selling opportunities that could boost average Coinbase sales per user.
Coinbase Global Inc.stock chart (Nasdaq: coin)
Several investment banks currently cover Coinbase global. Wedbush Securities began being launched by coinbase in May with a target price of $ 275. Company raises stock market price target in US dollars
