ICYMI: Despite COIN’s slump, Wall Street is rallying behind the stock
Coinbase has seen its stock price decline in line with the broader crypto market.In a note to clients, Bank of America upgraded its rating to a buy based on revenue diversification.Coinbase is feeling the pain of the broader slump in cryptocurrency coin prices, but Wall Street analysts are rallying behind the company despite a months-long decline in the exchange's share price.
Despite this backdrop, Wall Street analysts have become increasingly bullish on Coinbase's stock. This week, JPMorgan reemphasized its buy rating for the stock, while rival bank Bank of America cheekily suggested to clients to"put some coin into COIN" in its own buy rating. Drivers of diversification for Coinbase will include staking, non-fungible tokens, and decentralized finance, according to Bank of America.
"While uncertainty around regulation remains an ongoing potential risk, we continue to believe that COIN's technology/innovation and brand are positive differentiators as more consumers and institutions engage with various parts of the crypto/digital asset ecosystem," it added.
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