Cantor Fitzgerald Initiates Buy Rating on Coinbase with $245 Price Target
Coinbase’s stock is currently priced at approximately $165, reflecting a 35.6% decline year-to-date, underperforming compared to Bitcoin's 13.6% drop and the Nasdaq Composite Index's 15.2% decrease.
Cantor Fitzgerald has initiated coverage on Coinbase with a buy rating and set a price target of $245, citing:
- Strong user growth on Coinbase's layer-2 solution, Base
- Projected stablecoin revenue of $910 million in 2024, suggesting potential displacement of traditional cross-border payment methods
- A shift in perception of Coinbase as critical infrastructure rather than merely a trading platform
Morningstar analyst Michael Miller maintains a fair value estimate of $170 for Coinbase but now considers it "slightly undervalued," while cautioning that the company's performance remains closely tied to cryptocurrency valuations.
Other crypto-related stocks are also experiencing declines:
- MicroStrategy (MSTR) down 9.3%
- Marathon Digital (MARA) down 33.2%
- Galaxy Digital down 48%
Robinhood's share price has remained stable since the year's start, reporting crypto revenue of $358 million in Q4 2024.