Goldman Sachs analyst Will Nance initiated coverage of Coinbase Global with a Buy rating and $306 price target, which represents 36% upside from current share levels. The company offers leverage to an ecosystem that has seen “strong growth” driven by increasing adoption of digital currencies, a leading consumer platform with “strong” customer acquisition trends, an “attractive business model that thrives on elevated cryptocurrency volatility,” and “significant opportunities” to add additional features and capabilities, Nance tells investors in a research note. The analyst sees “significant white space” for Coinbase’s new initiatives to drive more stable and recurring revenue streams.
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