2 years ago
Michael Bellusci is CoinDesk's crypto payments reporter.
The bearish outlook against Coinbase (COIN) is “way overblown,” Oppenheimer equity expert Owen Lau told clients successful a Monday probe note.
Bearish points towards Coinbase, the Oppenheimer enactment says, see the conception that the crypto speech is facing higher contention and interest compression, that its banal is being overvalued and that a deficiency of profitability this twelvemonth is origin for concern.
Oppenheimer noted that the longer-term inclination of crypto adoption is overlooked by the bears. Meanwhile, connected profitability, Lau said Coinbase tin trim its concern plans nether a “material slowdown” scenario.
The expert sees pending positives from planetary expansion, derivatives trading and the motorboat of Coinbase’s NFT segment.
Lau maintained an “outperform” proposal but lowered Oppenheimer’s COIN terms people from $377 to $314.
Goldman Sachs precocious said it sees Coinbase posting full Q1 trading volumes of $302 billion, a sizable diminution from $547 cardinal successful Q4.
COIN is trading hands astatine $142 astatine property time.
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Michael Bellusci is CoinDesk's crypto payments reporter.
Michael Bellusci is CoinDesk's crypto payments reporter.
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