MoffettNathanson gives Coinbase a ‘Buy’ rating and $600 price target ahead of IPO

MoffettNathanson initiated coverage of Coinbase Global (COIN) with a $600 one-year price target and a “Buy” rating on Tuesday, one day before the cryptocurrency platform stages its eagerly anticipated Nasdaq direct listing.“We view Coinbase as a leading technology infrastructure provider for the cryptocurrency ecosystem, providing essential building blocks to facilitate the use of cryptocurrencies, including market-leading crypto storage and exchange capabilities,” MoffettNathanson wrote in a research note.“As the company describes it well, Coinbase provides an ‘on-ramp to the crypto economy’ enabling consumers, financial institutions, and businesses to easily and efficiently transition between fiat and cryptocurrencies, and securely store and use cryptocurrencies,” the firm added.Coinbase plans to go public Wednesday via a direct listing that could value the company at more than $100B.Investors are eagerly trying to ascertain what the shares should sell for, as there will be none of the official offer pricing that underwriters would set with a traditional