According to ChainCatcher, citing Coindesk, Wall Street brokerage Benchmark has rated Coinbase as "buy" with a target price of $252. In early trading, Coinbase's stock price rose over 4%, reaching around $198.
Analyst Mark Palmer wrote that Coinbase (COIN) is the largest cryptocurrency trading platform in the industry, with approximately 66% market share in the United States. The cryptocurrency trading platform offers "comprehensive products and services aimed at facilitating the adoption and use of digital assets by retail and institutional investors". As cryptocurrency regulation in the United States gradually becomes clearer, the poor stock performance may soon come to an end. Some key digital asset legislation is expected to be enacted in the coming months, potentially triggering a new wave of demand from institutional investors.
