Cryptocurrencies: 6452 / Markets: 43075 Market Cap: 24h Vol:
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2021-03-03 15:57:40

Coinbase wins Buy rating as D.A. Davidson sees listing as 'Amazon moment'

D.A. Davidson analyst Gil Luria starts coverage of Coinbase Global (COINB) with a Buy rating ahead of the crypto exchange's direct listing, what he sees as an "Amazon moment" where crypto and the traditional financial system "become truly intertwined."The analyst acknowledges the stock is a more speculative investment than other companies Davidson recommends."The well-managed standard bearer represents a uniquely diversified play on the growth of crypto, and leads with the highest level of regulated liquidity," Luria writes.Also: "We believe that crypto assets and the distributed technology they represent will become the foundation for a more efficient future financial system that reduces the number of intermediaries for a large range of transactions."Sets $195 price target.Some reports have suggested the direct listing could give Coinbase a valuation of more than $100B.SA contributor Donovan Jones expects the stock to follow the volatile dynamics of the overall cryptocurrency industry.

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