Coinbase gets new Buy rating at Canaccord on cryptocurrency growth

Movus/iStock Editorial via Getty Images Canaccord initiates coverage of Coinbase Global (COIN) with a Buy rating due to its long-term prospects in cryptocurrencies and the emergence of blockchain clouds/decentralized finance. The firm is also "positive about COIN's ability to grow its user base at impressive rates and what this means for monetizaton beyond crypto." Sets price target at $285; implies upside potential of ~23% from Tuesday's close. Canaccord's Buy rating compares with the average Wall Street rating of Bullish (6 Very Bullish, 3 Bullish, 4 Neutral, 1 Bearish). Last week, Raymond James gave COIN an Underperform rating, partly because it lacks a moat. SA contributor Wealth Insights, though, sees such competitive concerns as overrated.