BTIG Maintains Buy Rating on Coinbase with $240 Price Target Amid Institutional Growth

BTIG Research has reaffirmed its Buy rating for Coinbase, setting a price target of $240, which suggests nearly 40% upside from the current trading level of approximately $172. This announcement was made on September 16, following a discussion with Brett Tejpaul, Co-CEO of Coinbase Institutional, who outlined a strategic roadmap for the company's institutional services that extends beyond basic cryptocurrency trading.

Tejpaul detailed a three-phase strategy for Coinbase's institutional segment. The first phase focuses on enhancing the core institutional platform, while the second phase aims to expand into payment services and stablecoins. The final phase will explore tokenized assets and continuous markets. Currently, the institutional segment accounts for about 20% of Coinbase's total revenue, which was reported at $6.04 billion over the last twelve months, with a gross margin of 85.8%.

Earlier this year, on July 31, BTIG reduced its price target from $260 to $240 due to a challenging second quarter marked by a 25% decline in crypto spot trading volumes. Despite this, BTIG believes that much of the market's weakness was already priced in and cites ongoing market-share gains and diversification of services as reasons for maintaining a positive outlook on the stock. The consensus price target among 33 analysts covering Coinbase is approximately $220, indicating a potential 28% upside from the current price.

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Source: KLEA News