Bank of America has initiated coverage of Coinbase Global. The bank has identified several factors that could boost Coinbase’s revenue. Regarding the crypto exchange’s plan to become “the Amazon of crypto assets,” Bank of America says it is “still in very early stages of development.”
Bank of America Awaits Concrete Signs of Progress Against Coinbase’s Long-Term Vision.
Bank of America (Bofa) initiated coverage of Coinbase Global Inc. (Nasdaq: COIN) Friday. Jason Kupferberg, a senior equity research analyst at Bank of America Merrill Lynch, started Coinbase with a “neutral” rating and a $273 price target.
While the analyst sees Coinbase as the “leading provider of crypto infrastructure,” he cautioned that its stock, which is trading at 18.3 times sales, may have limited near-term upside. He described:
COIN aims to become the Amazon of crypto assets, though in our view COIN’s model is still in very early stages of development, and we await more concrete signs of progress against COIN’s