Coinbase (COIN) Seen as Strong Crypto Franchise by Baird, Starts Coverage With Neutral Rating

Coinbase Global Inc. (NASDAQ:COIN) ranks among the best high growth high margin stocks to buy now. On January 28, Baird began coverage of Coinbase Global Inc. (NASDAQ:COIN), rating it Neutral and setting a price target of $240 on the company’s shares. The firm sees Coinbase Global Inc. (NASDAQ:COIN) as “a strong franchise and solid growth story,” citing its status as the largest bitcoin exchange in the US, as well as providing retail and institutional trading capabilities with increasing applications.

Baird stated that the risk-reward ratio for COIN shares appears balanced, referencing recent trading volume declines after the October 10 cryptocurrency price slump and concerns regarding the Clarity Act.

However, the firm highlighted a number of possibilities for growth for Coinbase Global Inc. (NASDAQ:COIN), namely its “Everything Exchange” program and enhancing subscription revenue mix, and added that it planned to “wait for an incremental pullback to upgrade” its outlook.

Coinbase Global Inc. (NASDAQ:COIN) is a leading US-based financial technology company that operates a major cryptocurrency exchange platform enabling individuals and institutions to buy, sell, trade, store, and stake digital assets like Bitcoin and Ethereum.

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Disclosure: None. This article is originally published at Insider Monkey.