Rothschild Upgrades Coinbase to Buy, Initiates Circle Coverage at Neutral
Rothschild & Co Redburn has upgraded Coinbase Global's rating from "neutral" to "buy" with a revised target price of $417, indicating a potential upside of +12.1%. Currently, COIN is trading at $378. The upgrade is driven by growth in adoption and the recent Deribit acquisition.
- Circle Internet Group received an initial "neutral" rating with a price target of $136. Its current trading price is $155.79.
- Stablecoin revenue is highlighted as a key growth component for Coinbase, with expectations that USDC market cap growth will counteract any negative impact from lower US policy rates.
- Coinbase is benefiting from increased cryptocurrency adoption, supported by favorable legislative developments and positive commentary from industry leaders like Ethereum co-founder Vitalik Buterin.