• Mon. Jan 30th, 2023

Coinbase stock rallies as D.A. Davidson believes ‘crypto winter’ could work to its advantage

Byanna

Jul 14, 2022 , , ,
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Shares of Coinbase Global Inc.
COIN,
-2.10%

rallied climbed 1.0% in premarket trading Wednesday, after D.A. Davidson Christopher Brendler said that while the cryptocurrency market has “gone from bad to worse,” he’s sticking with the crypto marketplace’s stock as the believes the so-called “crypto winter” will ultimately work to the company’s advantage. Brendler cut his stock price target to $90 from $135, citing falling trading volume, he reiterated the buy rating he’s had on the stock since it went public in April 2021, as his new target still implies about 66% upside from Tuesday’s close of $54.24. “Although we are lowering our estimates due to falling trading volumes, we expect the company to successfully navigate near-term challenges and emerge stronger when the next rally comes,” Brendler wrote in a note to clients. “While this likely includes additional cost cuts, competitors are likely struggling more than COIN, thereby increasing the likelihood of accretive M&A.” The stock has plunged 65.0% over the past three months through Tuesday, while bitcoin
BTCUSD,
+0.51%

has dropped 51.5% and the S&P 500
SPX,
-0.45%

has lost 14.1%.



Image and article originally from www.marketwatch.com. Read the original article here.