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Goldman Sachs initiates Coinbase with a ‘buy’ rating

Updated: Jul 25, 2024
Published: May 24, 2021
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Goldman Sachs has initiated cryptocurrency exchange Coinbase with a ‘buy’ rating and a 12-month price target of $306, implying an upside of 36%.

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Coinbase brings leverage to an ecosystem that is experiencing strong growth

Analysts at the US investment bank believe Coinbase is providing leverage to an ecosystem that is experiencing strong growth as digital currencies become more widely adopted.

It has also seen growth in institutional products and its venture arm. It also sees opportunities for growth by adding "additional features and capabilities."

Goldman's analysts remain skeptical about the long-term value of COIN. According to them, it will depend on the long term value of cryptocurrencies.

Goldman Sachs has changed its stances on cryptocurrencies

Goldman Sachs showed signs of changing its view on the crypto market last week, announcing an upcoming report. The report includes views from popular cryptocurrency figures such as Michael Novogratz, founder and CEO of Galaxy Digital Holdings and Michael Sonnenshein, CEO of Grayscale. Goldman Sachs also added the views of other prominent financial executives and academic economists. Their buy rating for Coinbase might be related to the research they conducted on the cryptocurrency market for the report.

 

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