Coinbase (COIN) has caught the eye of JPMorgan and Goldman Sachs. The latter began to initiate their coverage during the week of May 24, 2021.
Good grades for the student at COIN
May 25, 2021, JPMorgan initiates coverage of the actions of Coinbase Global. It assigns them an overweighting rating with a potential upside of 60%.
According to the analyst Kenneth worthington, this above-average rating is explained by the exchange’s key position in the cryptosphere.
Worthington indicated that JPMorgan considers ” cryptocurrencies as sustainable and growing, and we expect Coinbase to have the opportunity to influence and benefit from this market growth by innovating “.
JP Morgan set a goal of $ 371. The course of CORNER is $ 241 at the time of writing.
Goldman Sachs debuted coverage of CORNER a day before JPMorgan, May 24, 2021, with a purchase note. The bank has a target of $ 306.
Goldman Sachs and Coinbase: old and new
The new report from Goldman Sachs of May 24, 2021 recognizes cryptocurrencies as an emerging asset class.
The bank confirms its position now favorable to cryptos. The report contains both analyzes of cryptophyls such as founder of Galaxy Digital, Michael novogratz, and the CEO of Grayscale, Michael sonnenshein, how many detractors of cryptocurrencies like the economics professor of theNew York University, Nouriel Roubini.
One year ago, Goldman Sachs took a different stance, rejecting the idea that cryptos are a viable new asset class.
The covid-19 pandemic seems to have changed its position on the subject, with a 180% turn.
Coinbase meanwhile continues to do the old trick of shutdowns to its clients, while the exchange recorded a high level of trading during the crash of Bitcoin (BTC).
Its listing on the Nasdaq has not solved this technical problem, which penalizes and pisses off its users – and who has enough to lower the price of COIN in the medium and long term without a serious solution.
This interest shown by JPMorgan and Goldman Sachs for a crypto exchange, contrasts with the bad form of Bitcoin in the very short term. Cryptos therefore seem to be here to stay, despite the fleeting euphoria of cryptocurrency detractors who are enjoying swimming in blood-red markets for the time being.
Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which seem to be far too technical.
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.