{"id":11078,"date":"2021-08-16T23:54:06","date_gmt":"2021-08-16T23:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-america-sees-long-road-ahead-for-coinbase-to-become-the-amazon-of-crypto-assets\/"},"modified":"2021-08-16T23:54:06","modified_gmt":"2021-08-16T23:54:06","slug":"bank-of-america-sees-long-road-ahead-for-coinbase-to-become-the-amazon-of-crypto-assets","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-america-sees-long-road-ahead-for-coinbase-to-become-the-amazon-of-crypto-assets\/","title":{"rendered":"Bank of America Sees Long Road Ahead for Coinbase to Become the \u2018Amazon of Crypto Assets\u2019"},"content":{"rendered":"

Bank of America has initiated coverage of Coinbase Global. The bank has identified several factors that could boost Coinbase\u2019s revenue. Regarding the crypto exchange\u2019s plan to become \u201cthe Amazon of crypto assets,\u201d Bank of America says it is \u201cstill in very early stages of development.\u201d<\/strong><\/p>\n

Bank of America Awaits Concrete Signs of Progress Against Coinbase\u2019s Long-Term Vision.<\/h2>\n

Bank of America (Bofa) initiated coverage of Coinbase Global Inc. (Nasdaq: COIN) Friday. Jason Kupferberg, a senior equity research analyst at Bank of America Merrill Lynch, started Coinbase with a \u201cneutral\u201d rating and a $273 price target.<\/p>\n

While the analyst sees Coinbase as the \u201cleading provider of crypto infrastructure,\u201d he cautioned that its stock, which is trading at 18.3 times sales, may have limited near-term upside. He described<\/a>:<\/p>\n

COIN aims to become the Amazon of crypto assets, though in our view COIN\u2019s model is still in very early stages of development, and we await more concrete signs of progress against COIN\u2019s long-term vision.<\/p>\n

Coinbase CEO Brian Armstrong said<\/a> last week during the company\u2019s Q2 2021 earnings call: \u201cWe want to be the Amazon of assets, list every asset out there in crypto that\u2019s legal. There are thousands of them today. There are eventually going to be millions of them. This is all under the theme of embracing decentralization.\u201d<\/p>\n

The Bank of America analyst is looking for Coinbase to diversify away from crypto trading fees, which currently account for 95% of the company\u2019s revenue. Noting that services such as staking and lending are starting to gain traction for the exchange, he pointed out that subscriptions and services represent significant cross-selling opportunities that could boost Coinbase\u2019s average revenue per user.<\/p>\n

Stock chart for Coinbase Global Inc. (Nasdaq:COIN) <\/p>\n

Several investment banks now cover Coinbase Global. Wedbush Securities began covering Coinbase in May with a stock price target of $275. The company raised the exchange\u2019s price target from $275 to $300 last week with an \u201coutperform\u201d rating for the stock.<\/p>\n

In July, Mizuho cut the price target for Coinbase from $225 to $210 while Oppenheimer raised the price target for COIN from $434 to $444. Raymond James began covering Coinbase in June with an \u201coutperform\u201d rating.<\/p>\n

JPMorgan and Goldman Sachs initiated coverage<\/a> of Coinbase in May. Goldman began with a \u201cbuy\u201d rating and a price target of $306 for COIN. JPMorgan started with an \u201coverweight\u201d rating largely due to the company\u2019s key position in the growing cryptocurrency space. The firm set the target price for Coinbase at $371.<\/p>\n

Do you think Coinbase will soon become the Amazon of crypto assets? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nExchanges, amazon of crypto, Bank of America, Bank of America Merrill Lynch, Bofa, COIN, coin stock, Coinbase, coinbase coverage, coinbase long term plans, coinbase stock price, coinbase stock price target, coinbase stock rating, initiate coverage<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of America has initiated coverage of Coinbase Global. The bank has identified several factors that could boost Coinbase\u2019s revenue. Regarding the crypto exchange\u2019s plan to become \u201cthe Amazon of crypto assets,\u201d Bank of America says it is \u201cstill in very early stages of development.\u201d Bank of America Awaits Concrete Signs of Progress Against Coinbase\u2019s…<\/p>\n","protected":false},"author":0,"featured_media":11079,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11078"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11078"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11079"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}