Coinbase Rally Leaves Analysts Divided on the Crypto Exchange
- Berenberg: Coinbase stock is “uninvestable in the near term”
- CEO Armstrong is pursuing expansion abroad to boost growth
Coinbase is expected to report a 23% drop in second-quarter sales from a year earlier.
Photographer: Samyukta Lakshmi/BloombergThis article is for subscribers only.
Analysts don’t quite know what to make of Coinbase Global Inc.’s valuation.
The stock has jumped almost 80% since mid-June, buoyed by BlackRock Inc.’s application to launch a Bitcoin exchange-traded fund and Ripple Labs Inc.’s partial court win against the Securities and Exchange Commission a month later. That’s left some analysts ratcheting up price targets for the crypto exchange, while others say the stock has decoupled from reality. There’s a 75% gap between the highest and lowest price targets issued since the Ripple ruling.