Needham analyst John Todaro initiated coverage of Coinbase with a Buy rating and $420 price target, implying 64% upside from current prices. The analyst sees Coinbase as a “market-leading crypto asset exchange with significant future opportunities beyond exchange services,” including staking, custody and yield bearing products. He expects the company’s exchange business to “grow rapidly and sustainably” as new investors adopt its crypto assets and services. Coinbase is a leading provider of financial services, infrastructure, technology, and custodial services for the high-growth, crypto asset universe, Todaro tells investors in a research note.
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