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Citibank gives Coinbase a buy rating and a target price of $415

October 26, 2021
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Citibank said in a report that Coinbase provides investors with direct access to retail and institutional adoption of digital assets, and launched a report on the cryptocurrency exchange, giving it a buy rating and a target price of $415. The U.S. bank also believes that the exchange’s “excellent supervision” is a potential competitive advantage in the long run, and said that all supervision should not be considered harmful.

To a certain extent, we believe that rising regulation may be a positive factor for Coinbase’s competitive positioning, especially in relation to business models that rely mainly on unregulated markets. Citi warned that because Coinbase’s business model is directly related to the prices of major crypto assets, both its stocks and the company’s financial performance will “possibly produce a high degree of volatility.” This volatility makes forecasting and budgeting operations more difficult.

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