{"id":358495,"date":"2021-10-27T08:30:33","date_gmt":"2021-10-27T05:30:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/citis-bullish-coinbase-target-buy-cryptos-general-store\/"},"modified":"2021-10-27T08:30:33","modified_gmt":"2021-10-27T05:30:33","slug":"citis-bullish-coinbase-target-buy-cryptos-general-store","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/citis-bullish-coinbase-target-buy-cryptos-general-store\/","title":{"rendered":"# Citi’s bullish Coinbase target: ‘Buy crypto’s general store’"},"content":{"rendered":"

“# Citi’s bullish Coinbase target: ‘Buy crypto’s general<\/a> store’ <\/strong>”
\n<\/p>\n

Financial services multinational Citi initiated coverage of U.S. crypto exchange Coinbase\u2019s stock this week with a very bullish price target.<\/p>\n

Citi analyst Peter Christiansen told investors that they could \u201cbuy crypto\u2019s general store,\u201d in a research note published on Tuesday, Oct. 26. Citi has given COIN a bullish price target of $415 which is substantially higher than Monday\u2019s closing price of $319.<\/p>\n

The analyst stated<\/a> that the stock offers investors \u201cdirect exposure to increased retail and institutional adoption of cryptocurrencies.\u201d <\/a><\/p>\n

The multinational banking giant sees the potential in Coinbase as the company makes continued efforts to expand its operations beyond just a crypto exchange and into other areas such as NFTs and cold wallet storage.<\/p>\n

The company accrued more than a million app<\/a>lications for its NFT platform waiting list within a day or so of its announcement on Oct. 13. Christiansen recommended the company, \u201cfor its position within the crypto value chain, a \u2018networking-based\u2019 business model and strategy, the undeniably very large opportunity set \u2026 yes, we believe COIN is investable.\u201d<\/p>\n

He also considers Coinbase\u2019s \u201clean forward approach to regulatory compliance\u201d a competitive advantage.<\/p>\n

\u201cTo a degree, we think rising regulations could be a positive for Coinbase\u2019s competitive positioning, particularly versus business models that predominantly rely on markets being unregulated.\u201d<\/p><\/blockquote>\n

Christiansen added that the stock is in place to make \u201chigher highs and higher lows\u201d as crypto asset adoption increases. U.S. investment bank Piper Sandler also raised their target price for the stock to $360. <\/p>\n

Not every analyst is on board with JPMorgan’s Kenneth Worthington raising his price target on COIN only slightly to $375 from $372. However Lisa Ellis, senior Equity Analyst at MoffettNathanson said COIN was a “must-own stock” that could go to $600 in light of its recent partnership with Facebook<\/a> on its Novi crypto wallet. <\/p>\n

Coinbase went public in April with an opening IPO price of $381, it surged to a peak of $430 on the day before retreating. COIN hit a monthly high of $326 on Monday this week but has fallen 4.3% since to an after-hours trading price of $312 according to MarketWatch<\/a>.<\/p>\n

Related:<\/em><\/strong> <\/em><\/strong>Reports suggest that a mainstream tech giant holds shares of Coinbase stock<\/em><\/strong><\/p>\n

Shortly after it was listed, reports emerged that Coinbase insiders and executives had begun dumping the stock. The company made around $1.6 billion in profit in Q2, a large portion of that coming from its higher than industry average transaction fees. The Q3 report comes out on November 9.<\/p>\n

In August, CNBC \u2018Mad Money\u2019 host Jim Cramer recommended Coinbase stock suggesting investors allocate 5% of their portfolios to crypto assets. <\/p>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Citi’s bullish Coinbase target: ‘Buy crypto’s general store’ ” Financial services multinational Citi initiated coverage of U.S. crypto exchange Coinbase\u2019s stock this week with a very bullish price target. Citi analyst Peter Christiansen told investors that they could \u201cbuy crypto\u2019s general store,\u201d in a research note published on Tuesday, Oct. 26. Citi has given…<\/p>\n","protected":false},"author":1,"featured_media":358496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvZWE5ODUyZTUtMmU1Yy00OTU1LWFlMTAtMWFlZDc1Zjc3NDA0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,117,70359],"class_list":["post-358495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-business","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/358495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=358495"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/358495\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/358496"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=358495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=358495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=358495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}