Btig gives coinbase buy rating

Btig, an investment bank, gave coinbase, the largest cryptocurrency exchange in the United States, an initial “buy” rating on Thursday, with a target price of $500.

 

“We believe that driven by significant changes in consumer behavior and adoption of new technologies, coin should be seen as a market leader in an area characterized by rapid and significantly sustainable growth,” btig analysts mark Palmer and Andrew Harte said in a report to customers

 

“Therefore, we believe that the valuation multiple of coin should reflect this difference, just like other industry leaders with unlimited growth opportunities, such as zoom (332.38, 3.18, 0.97%), Tesla (738.85, 6.62, 0.90%) and snowflake.”

 

Coinbase, they say, is “the gold standard in the digital asset exchange.”. With the expansion of the industry ecosystem and the increase of institutional adoption, it is about to usher in “sustained and rapid growth”.

 

The $500 target price given by btig analysts is based on the expectation that the company’s full year net revenue in 2024 will reach $8.2 billion, with a P / E ratio of 16 times.

 

“We believe that as the most popular consumer oriented cryptocurrency exchange in the United States, coin will become the main beneficiary of the increasing adoption of bitcoin and other digital assets as it continues to expand in the United States and internationally,” they said

 

Btig analysts said that if the “total market value” of cryptocurrency continues to grow, from about $2.1 trillion to several times that number, then the company’s upward space may be huge.

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